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Can you remortgage without a mortgage?
dannirenske
Posts: 2 Newbie
I own my house without a mortgage. I was planning on moving but now want to stay and do home improvements. I would like to use the money that was going to be used on the mortgage.
A) Can I do this?
b) What would it be called? (is it a re-mortgage if no current mortgage)
I still want the 25 year period.:o
A) Can I do this?
b) What would it be called? (is it a re-mortgage if no current mortgage)
I still want the 25 year period.:o
0
Comments
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Yes, you need to ask a broker/lender about capital raising for home improvements, on an unencumbered property.
Fairly straight forward although you may find you have a few extra costs than if you currently had a mortgage - survey as an example which will not be free with several lenders, whereas it would have been if you had a current mortgage.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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