Home Equity Loan vs 2nd MortgageHome-equity loan vs. 2nd mortgage
Possess a home with a mortgage in my name where I reside (House A). There is another real estate I own (House Ltd) which is in the name of my private liability corporation (I renovated the building for Real Resale, but as it was not sold, I rented it out).
If I want to move and buy another house to stay in (house B), I want to keep house A and either buy a little or let a little. I' d buy House B with my friend. It has a steady revenue so it would make sence to get the new mortgage on its behalf as I am currently on a temporary agreement in my new job and it has not got any other mortgage.
Suppose House B is on the £139,000 property list and we are hoping that they would take £130,000. With a mortgage, my friend could get 90,000 pounds. I' d bet 40,000 on the down payment. I' m considering the use of House Ltd, which I own entirely, valued at around 90,000, to free up equity.
It'?s in the possession of my Ltd. firm I want to liquidate soon, so: Is it possible to take the property of Household Ltd from the LLC to myself, through lawyers, but without having to pay for the property myself (I am the sole manager of the firm and have used my own funds to buy Household Ltd)?
Let me explain that I purchased it for its value, but don't have to mail any cash since I don't have the cash to buy it back from my corporation. Hopefully, once I have purchased the home of my private equity firm, I would like to free £40,000 of its equity (of its value of £90,000).
Wouldn't I be better off getting a buy to let mortgage while I rent it out, get the money and put it as a down payment for the new B home where my friend accepts a mortgage? Would I be better off getting a home equity loan on it even though I think they wouldn't give it to me if they knew to buy another one?
Maybe the mortgage provider who passes the mortgage on to my friend would consent to borrow the funds for the investment and take my home Ltd. as collateral? Accessibility to paying everything off wouldn't be a question, it's statesman to do with deed the abstraction way to get the acquisition to departure mortgage/loan in my repute since I haven't got a wave duty abstraction now, but am on a bid (and I knowing I'll get other duty aft and person collection I could sale result, liquid body substance to the result).
Prior to going to speak with mortgage consultants or mortgage financiers, I want my thoughts to be more clear about what their best guess, if any, would be.