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Can you get a mortgage on a paid off property?I
Chimp61
Posts: 1 Newbie
I am in the process of buying a property to do up. A friend will lend me the money to do it up, but then I will need to pay him back once the property is rented out. Would I be able to get a Buy tt9 Let mortgage to pay my debt off?
has anyone here done this before? All your input will be greatly appreciated.
has anyone here done this before? All your input will be greatly appreciated.
0
Comments
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Why not buy the property with a small mortgage to begin with rather than loaning the money off a friend and getting a mortgage later? The alternative is to pay your friend back from the rental income? How much are they lending you and how quickly do they want their money back?
- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2025 #15 £628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £4.48
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Yes, you can.
A few lenders will have a problem with it, and many will not let you remortgage within 6 months of purchase, but they will be a number of options.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
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