Who or rather what am I?

poppy08

I'm a 55 yo mortgage-free owner of my home which is valued at about £80k.


I want to borrow £50k against my house to buy another house.(will then be a 'cash-buyer' of new house)


I'm not a first-time buyer am I?
Am I re-mortgaging?
Definitely not buying to let as I intend to do new house up and move in to it, then do current house up and sell it. (Which also means I'll be paying this loan/mortgage off hopefully within 2-3 years)


Does anybody know what I would be classed as by a mortgage lender and whether a mortgage is the best route to go down.


Thanks

pookied87

It will be a new mortgage, you will just have more deposit to put down so yes its still a mortgage and your have to go through the same process as you would a first mortgage application. I suppose the whole mortgage process has changed since you first borrowed. Maybe go seek out some advice from a financial adviser.

mlp

I think you will be considered a re-mortgage customer as you already own the property you want to draw the funds down on.

kingstreet

It's a remortgage of an unencumbered property.

If you mention the potential short-term nature of the borrowing, you'll have a lot of lenders running for cover.

poppy08

Thank you all for your replies.


I'm a remortgager!


x

Thrugelmir

poppy08 wrote: »

Definitely not buying to let as I intend to do new house up and move in to it, then do current house up and sell it. (Which also means I'll be paying this loan/mortgage off hopefully within 2-3 years)

2 to 3 years to do a house up?

Is it going to empty during this time?

poppy08

Well - to do both houses up and to sell one!