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Can you raise a mortgage on a property that never had a mortgage when first bought?
1975
Posts: 9 Forumite
Is it possible to raise a (re)mortgage on a freehold or long lease property that was originally a cash buy if the property is in good condition, rising in price, not full of tenants and there is no reason why the owner would otherwise be denied a mortgage? (a dinnerparty question from last night which no one knew the answer to).
I'm sure this has been asked many times before, so sorry if it has.
I'm sure this has been asked many times before, so sorry if it has.
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Comments
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Sure, the mortgage will be based on the current valuation by the lender, this is assuming that the property deed is held in borrower's name, the borrower is eligible for a loan of requested amount and there are no substantial legal issues with the property.0
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Thank you Mail2z0
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