Hi
Hypothetical question this one.
House GV=$550,000
80% = $440,000-$150,000 already used on first mortgage.
Leaves $290,000 available before we get to 80%
But you have a low wage...say $70,000.
What do you do if the bank say yes but you can only afford to service another $100,000 on
your current wage.?
Dosent that mean that the other $190,00 is locked away and you cannot use it until your have
a larger wage to service the extra $190,000 ???????????
Or have I got it completely wrong?
Richard
Hypothetical question this one.
House GV=$550,000
80% = $440,000-$150,000 already used on first mortgage.
Leaves $290,000 available before we get to 80%
But you have a low wage...say $70,000.
What do you do if the bank say yes but you can only afford to service another $100,000 on
your current wage.?
Dosent that mean that the other $190,00 is locked away and you cannot use it until your have
a larger wage to service the extra $190,000 ???????????
Or have I got it completely wrong?
Richard
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