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Take out another mortgage after paying off house
theboldjc
Posts: 3 Newbie
My wife and I were fortunate enough to be able to pay off the mortgage on our house (an upper cottage flat) over the last few years. We have a 96 year old neighbour who is very ill and we are thinking of attempting to buy house (the lower cottage flat) if the she doesn't make it through her illness. We're not sure though if it would have be done via a buy to let mortgage or if we can remortgage our own home to get the cash to buy it outright and then pay our own mortgage again. Does anyone have any advice, ideas or links to other threads that would help? Thanks.
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Comments
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Either way.0
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Do you want to combine the two properties into one? That would mean you couldn't use a BTL mortgage. You would need lender's permission should you wish to combine the two (even with a residential mortgage on your current property) - all subject to planning permission of course.0
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No we don't want to join the 2 properties.0
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Then as G_M says really. Generally a BTL mortgage will be more expensive so if I were in that situation I would probably strongly consider re-mortgaging my main residence.YNWA
Target: Mortgage free by 58.0
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