We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What is the best way to borrow
mamievan01
Posts: 1 Newbie
I have no mortgage, I own my house outright. I would really like to build a large double storey extension but am very unsure of what kind of borrowing I need to complete this project. I will need to borrow around £60K and any loan will be secured on my house. Must I have to have an existing mortgage to remortgage, should I be looking for a home improvement loan? I'm not sure what to do. If I can have a remortgage obviously this would give me a better interest rate but I have no idea how it works and whenever I read about remortgaging everything seems to be geared around leaving one lender for another, and as I have no lender I'm a little confused.
0
Comments
-
Remortgage of an unencumbered property.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
-
As KS says..
You do not need to have a mortgage in place already to remortgage a property.
The Lender will want to check your credit history and ensure that the lending is affordable to you.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards