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Re-mortgage property owned outright
G01987
Posts: 1 Newbie
Hello, looking to understand if we can remortgage our home that we currently own outright. Reason is we would like to raise funds to buy a 2nd property outright that we would rent out and hopefully pay off in circa 15 years as part of retirement planning/alternative to a conventional pension. Would be looking to borrow up to 30% -35% of our existing home's value. Does anyone know if this is possible; and if so any recommendations for lenders who do this? Thanks.
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Comments
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Do you have your rental business plan ready?hopefully pay off in circa 15 years
You will need a property with gross yield in excess of 10% to do that.0 -
No one will recommend lenders on here - they will however recommend you talk to a broker.
Good lucks0 -
What is gross yield?"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:0 -
I know someone who did this. They remortgaged for £100,000 on an outright owned property and re built parts of their property with the funds and extend. So think it can be done as long as of course, income, age, etc all matches up with the amount you need to raise. Sorry no more info I can give0
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