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Owning a house outright and remortgaging..

Options
travelmonster
travelmonster Posts: 124 Forumite
in Mortgages & endowments
Hey guys

If I own a house outright.

If I need to raise some additional funds . Can I remortgage my house ? Or what will be the process ?

Comments

  • Harryp_24
    Harryp_24 Posts: 172 Forumite
    Third Anniversary
    yes. A mortgage is a loan secured on your house.
  • travelmonster
    travelmonster Posts: 124 Forumite
    So how would it differ from a standard mortgage? And how do I go about getting it ? Would it be more expensive in terms of interest or same ?

    Also if it is remortgage an outright owned house. Am I giving up equity and buying it back once I paid the loan off ?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How much you wish to borrow.
    The purpose of the funds released.
    Your personal circumstances.

    Will all determine the options available to you.
  • ACG
    ACG Posts: 24,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It is just a remortgage.

    You are giving up equity yes, but you build the equity back up as you repay the 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.
  • travelmonster
    travelmonster Posts: 124 Forumite
    House is worth 170k
    Purpose is to pay off another smaller mortgage and some home improvements in current house.
    Want to remortgage about 40k
  • travelmonster
    travelmonster Posts: 124 Forumite
    Bump. ....
  • ACG
    ACG Posts: 24,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Why are you bumping the thread? I have answered your questions.
    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.
  • suki1964
    suki1964 Posts: 14,313 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    All I can offer is you have to pass the affordability same as anyone

    Depending on what you are wanting to borrow and why, if may be cheaper getting a loan
This discussion has been closed.
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