getting a mortgage

b21playa

Hi all

What tye of mortgage should I be looking for if I want to get capital out of my house?

Currently I dont owe anything of the house, but want to take £70k out of it on an interest only option

Thanks

hcb42

you just need a standard mortgage on existing home.

Conrad

Be aware some lenders do not allow a sum of this size when it comes to releasing equity. Pure interest only is not usualy acceptable these days, so you need to cite an investment plan to repay captial. Certain uses are not allowed for capital raising, such as business use, so tread carefuly.

herbiesjp

What is your age and income?

What is the property value?

Mosty lenders will class this as a remortgage of an unencumbered property and you could get free legal fees and free valuation as part of a deal.

As for interest only, this will depend on the lender and your overall scenario