Remortgage Advice Needed

LocationLV

I have recently purchased my parent's home in Wales which is mortgage free and valued at approx. £110k. I am looking to purchase a holiday/investment home in Las Vegas with a view to retiring there and living in that property in approx. 10 years time. I am 45 years old and would like to release some of the equity (£80k - 72% LTV) from the Welsh property to make the Las Vegas purchase. I guess the obvious route would be to mortgage the property in Wales over a 10 year period however, I wonder if anyone can provide any alternative solutions or guidance. Is the procedure the same as remortgaging a property? Nearly all of the guides involve outstanding balances on existing mortgages. I don't have a deposit for the property in Las Vegas, all funds to purchase will need to be taken from the equity. Any help would be greatly appreciated. Thank you.

John424

Isn't it in about ten years time that Las Vegas will be running out of water?

LocationLV

Best we hydrate before we get there then!!

Let_Us_See

Yes. Just a straightforward capital raising re-mortgage of an unencumbered property and you should be able to take advantage of a fee or part fee free re-mortgage. Just be aware a small number of lenders only permit unencumbered re-mortgages to select "purchase" schemes meaning you will not be able to utilise fee or part fee free scheme options.