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Buying house with cash then releasing equity
HarrietE
Posts: 4 Newbie
First time house buyer.
Having hiccups getting a mortgage as my partner is self employed with less than two years of accounts and I only earn 13100 per annum. As such, pooling funds with my parents to buy the house out right with cash with a view to releasing money on the property in a years time or so. Is it a case of taking a mortgage out on the property you own? What are the logisitics of releasing money on a house you already own?
Having hiccups getting a mortgage as my partner is self employed with less than two years of accounts and I only earn 13100 per annum. As such, pooling funds with my parents to buy the house out right with cash with a view to releasing money on the property in a years time or so. Is it a case of taking a mortgage out on the property you own? What are the logisitics of releasing money on a house you already own?
0
Comments
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Who owns it?
You and your Parents?
Money in year's time sounds feasible. Lenders generally do not like re-mortgaging sooner.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
The house would be owned by me and my partner. We're going to get an agreement written up with my parents that states that shows we will be paying the money back to them.
Can you re-mortgage a propety that has never been mortgaged?0 -
Yes you can re-mortgage a propety that has never been mortgaged.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
OK great. Thank you.0
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