How to mortgage paid off house

kdub_2

I currently own outright a house and want to get a mortgage of around 50-60k to consolidate some debts and make some big home improvements. What sort of mortgage/remortgage should i be looking for?

kdub_2

also, iv never had a mortgage on it, i inherited it if that makes a difference?

Thrugelmir

Debt consolidation may be an issue for mainstream lenders. What's your credit history like?

kdub_2

the debts are under 5k so not an issue in consolidating them on the side seperately i suppose, credit history is perfect. I have enough money coming in that i could afford a good lump every month without too much strain. Could do with a new kitchen bathroom etc, new car wouldnt go amiss. May be looking to drop a deposit on another buy to let too.

savingbee

myself and other family member inherited a house that was fully paid off and remortgaged through the Halifax for home improvements. quite short process to be honest x

kdub_2

savingbee wrote: »

myself and other family member inherited a house that was fully paid off and remortgaged through the Halifax for home improvements. quite short process to be honest x

What type of mortgage was it if you dont mind me asking? also, what was the repayment term/interest rate? curious as to what sort of loan ill be looking at

GMS

You will need a remortgage of an unencumbered property. May not be eligible for free legal deals as unencumbered (mortgage free)

What rates and lender somebody else got is irrelevant. You need the correct one for your circumstances.

Have you considered using a broker?

kingstreet

Do you live in the property?

You say ANOTHER buy to let? Does that mean you already have BTLs?

Please put some more flesh on the bones.

kdub_2

kingstreet wrote: »

Do you live in the property?

You say ANOTHER buy to let? Does that mean you already have BTLs?

Please put some more flesh on the bones.

yeah i have a btl flat that i rent out, living in the mortgage free property at the moment. Not considered a broker or anything as of yet, was looking to do it on my own, brokers sound expensive

getmore4less

kdub wrote: »

the debts are under 5k so not an issue in consolidating them on the side seperately i suppose, credit history is perfect. I have enough money coming in that i could afford a good lump every month without too much strain. Could do with a new kitchen bathroom etc, new car wouldnt go amiss. May be looking to drop a deposit on another buy to let too.

It should be total without stress,

You should be saving/reducing debt and that's what is available to take on more debt.

Do a proper budget/SOA and find out how much you really have spare.
http://www.stoozing.com/calculator/soa.php

As you have debt it would suggest that there may not be that much spare.

any other savings/investments?

kdub_2

getmore4less wrote: »

It should be total without stress,

You should be saving/reducing debt and that's what is available to take on more debt.

Do a proper budget/SOA and find out how much you really have spare.
http://www.stoozing.com/calculator/soa.php

As you have debt it would suggest that there may not be that much spare.

any other savings/investments?

iv already calculated my outgoings and i have aroung 4-500 per month to play with after everythings paid. The 5k is just from holiday i went a bit wild shopping I was renting for that much before moving into here so id rather spend it on a mortgage than put it in another landlords pocket