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Do I need a mortgage or a loan?
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charhouse
Posts: 2 Newbie
Hello,
I'm wondering if anyone can advise me what I'm actually looking for? I have recently purchased a house with cash lent to me from a relative, and now I want to get a mortgage on this house to pay them back. However I have been told by one bank that I can no longer get a mortgage because the property has already been bought outright with cash and that I would need to get a loan which they could not provide. I have started to ask around but have been told either its remortgaging or a home owners loan or raising capital I'd need so I'm really confused and don't know what I'm asking for anymore!
Property is worth £310000 and ideally I'd like to borrow £120000 over 25 years. We have a joint income of £37000.
Thanks if anybody can help!
I'm wondering if anyone can advise me what I'm actually looking for? I have recently purchased a house with cash lent to me from a relative, and now I want to get a mortgage on this house to pay them back. However I have been told by one bank that I can no longer get a mortgage because the property has already been bought outright with cash and that I would need to get a loan which they could not provide. I have started to ask around but have been told either its remortgaging or a home owners loan or raising capital I'd need so I'm really confused and don't know what I'm asking for anymore!
Property is worth £310000 and ideally I'd like to borrow £120000 over 25 years. We have a joint income of £37000.
Thanks if anybody can help!
0
Comments
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You just want a mortgage but will probably have to wait until you've owned the house for six months.0
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It's a remortgage of an unencumbered property.
Some lenders will do it, some won't. Many who will do it won't lend until you've owned the property six months.
It may have been more sensible to purchase with a mortgage in the first place.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »It may have been more sensible to purchase with a mortgage in the first place.
It certainly seems that way.0 -
We did a similar thing and had no difficulty getting a mortgage (but we did have to wait six months).0
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How much was the property bought for and when?I am a Mortgage AdviserYou 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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Does the relative need the money right now? Why not just work out a longterm repayment plan with them, and save money on not having to pay interest....or do they expect the money back sharpish/expect interst on the loan amount?0
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