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Mortgage help - no cash deposit?
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woodmill
Posts: 52 Forumite
We are considering coming back to the UK but once we have sorted out everything and made the move our cash balance will be quite small.
We own some investment properties in Scotland and these are valued at around 320,000. We have 1 mortgage totalling 50,000 pounds.
Would a bank lend without a cash deposit but using the value of the investment property instead?
For instance, if we see a house we like at 150,000 would the bank give us 150,000 but take the investment property as a guarantee?
THanks for any help.
We own some investment properties in Scotland and these are valued at around 320,000. We have 1 mortgage totalling 50,000 pounds.
Would a bank lend without a cash deposit but using the value of the investment property instead?
For instance, if we see a house we like at 150,000 would the bank give us 150,000 but take the investment property as a guarantee?
THanks for any help.
0
Comments
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No, you would need the 'actual' money - i.e from remortgaging one of the properties.0
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