Am I a new buyer or a remortgager?

pensive

Hi I wonder if anyone could answer this question for me. I have owned my house outright for many years and now want a mortgage to raise some capital from it. I'm not sure if I'm a new buyer or remortging, I don't quite fit into either category. Thanks for your help in advance

dwsjarcmcd

Your neither! What you are is someone wanting to capital raise from their current house, so it would be a new mortgage for capital risinng purposes (new mortgage as opposed to new buyer)

Ian_Griffiths_Halifax

You are technically doing a remortgage of an unencumbered property. When making an application to a lender you are doing a remortgage.

pensive

Thanks for the info, at least I know what to search for when comparing mortgages, it only seems to have first time buyers or remortgages on the comparison websites, and when I have put in remortgages on some sights you have to put down how much you owe or it won't compare. Guess I'll just put down I owe a pound. Does it make any difference to the process of remortgaging that I don't have a mortgage already?

Ian_Griffiths_Halifax

You should be ok if you say you owe £1 for the comparison sites, but not when you put an application in as they will want to know who the lender is.

If you have your deeds in a lenders Deed Store, then this is still a mortgage. It was done a lot in the past and people would keep a small £1 - £100 mortgage with the lender.

It won't make a difference to the application process, though there are a few lenders who would want you to take purchase deals, but they are very few.