What Type of Mortgage? - Advice Please.

Roland_Flagg

To cut a long story short we bought a house in December last year with cash as the Mortgage process was a series of mess ups and the chain was about to fall apart.
The money came from the sale of the previous house, our own money and a relatives money.

Now we need a small mortgage to pay back the relative.
Our property was £230k and we need a mortgage of £90k to pay them back.

But as we have been without a mortgage for about 9 months, what type of mortgage do we apply for, and what do we say it is for?

Cheers.

ACG

Speak to the lenders, I think some will make this a little more complicated than others.

It would usually be a remortgage, some may class it as debt consolidation, others may treat it like a purchase and it will not include a free valuation/legals.

In principle it is not a difficult job, it is just a case of avoiding the lenders that will make a meal of it.

dimbo61

Consider an offset mortgage as you can build up your emergency pot in the saving accounts while making your normal mortgage payment each month

kingstreet

It's a remortgage of an unencumbered property for debt consolidation.