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Remortgaging a property that's paid off
AK1234
Posts: 1 Newbie
Hi all, I'm new to this so please bear with me!
I've got a property worth 250k that's been paid off and I wanted to know if there's a way I can use that as collateral for purchasing another one that I can rent out? My salary is 60k and I want to borrow 150k...
Would it be equity release or remortgage?
Any help would be appreciated! Thanks
I've got a property worth 250k that's been paid off and I wanted to know if there's a way I can use that as collateral for purchasing another one that I can rent out? My salary is 60k and I want to borrow 150k...
Would it be equity release or remortgage?
Any help would be appreciated! Thanks
0
Comments
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Equity release is more expensive than a mortgage.
Whether or not you can get a mortgage depends on your age, earnings and the policies of the lender. See a broker.0
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