Propery owned outright need mortgage/remortgage??

sara2323

Hi,

I wonder if someone would be able to help me in regard to our current situation, we currently own our property outright (as we paid off the mortage two years ago) and have now decided to have an extension on the side for which we would need £30000..

I've been told that it would be more convenient and cheaper to get a mortgage as opposed to a loan, I'm not sure which one would be more suitable a new mortgage or a remortage. We are hoping to pay this off within 10 years.

Any help would be appreciated!
Sara

PoorDave

I suppose it would be the standard advice: Find a whole of market mortgage broker. They should be able to tell you what you can get in terms of a mortgage. Should be no problems getting what you want relatively cheaply. I think it would be a new mortgage, since you say you've paid of your old one, so there's nothing to actually remortgage. Not so sure about this.

Then look at a loan for a comparable amount. Compare monthly payments etc and see which is best.

herbiesjp

There are several lenders that could look at this as a re-mortgage scenario for you.

The benefit of this would be getting a free valuation and free legal fees, so only having an arrangement fee to pay.

MortgageMamma

There are actually deals also that offer free legals, free valuation and no arrangement fee, jsut depends on what type of deal you are looking for, your best bet is to speak with a whole of market broker.

Faster_Loans

Hi sara2323,
There are many clients who do exactly the same to start their own business. You should be able to get a mortgage.
If you had kept the mortgage open and not paid it all off you may have been able to increase it. Still there is likely to be no problem.
Regards,
Alex

MortgageMamma

Faster Loans

I suggest you change your signature as it is blatantly touting for business and against site rules. This has been reported to the forum moderators who will not doubt speak with you on this matter.