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getting a mortgage on a mortgage free, wholly owned property
DeniseF
Posts: 1 Newbie
We are lucky enough to have two mortgage free properties, but would like to take a modest mortgage on the smaller property to make home improvements on the larger. I can't seem to find a calculator or product that fits as all remortgaging products demand you have some outstanding debt. Anyone help?
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Comments
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Go and see a broker. Depending on how much you want to borrow (relative to property value) you may find it cheaper to borrow against the more expensive house as it will keep the LTV comparatively lower.Thinking critically since 1996....0
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You own the property and wish to raise a mortgage against it. As this cannot be a purchase it is a remortgage.
The term is slightly misleading as it implies a mortgage in the first place.
Simple case of a remortgage, subject to meeting criteria.
Speak to a 'Whole of Market' broker.
Good LuckI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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