Getting Cash out of a property

jonesygeez

Hi,

If I brought my house cash and then wanted to take some cash out and mortgage it to buy some additional properties, how do I do it and how easy is it to do?

Thanks

CLAPTON

you apply for a mortgage based on the properties value, your income and what your credit files say.

jonesygeez

Hi thanks. What is it called? And how easy is it to do?

Thanks

PasturesNew

It's just a mortgage.... see a normal mortgage bloke for quotes. It's the same as when you buy a house, you just happen to already own it and be living there.

Thrugelmir

A mortgage. Depends on your personal circumstances as to whether a lender will consider your application.

jimjames

jonesygeez wrote: »

Hi thanks. What is it called? And how easy is it to do?

Thanks

Its called a mortgage but as its on your main property you need to show you can repay it based on your income not rent from other BTL properties. Bank will need to do survey and solicitors etc so it may take up to a couple of months to all go through.

lisyloo

And how easy is it to do?

Not that easy and there are costs.
Lender will want to credit check you, you might need to provide proof of income, payslips.
There will have to be a survey on the house.
There may/will be fees for application, legal fees (charge secured on the property), survey, telegraphic transfer fee (circas £30) etc.
Would probably be in the order of a few months.
It's regulated these days so you have to have a quote, key facts etc.
You will be "pipelined" i.e. the mortgage, survey and legal people will have you in a queue along with other applications, so everything takes time. They aren't unfortuantely all twiddling their thumbs waiting for your application :-)