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'unencumbered mortgage' - need advice

Sophie8989
Sophie8989 Posts: 2 Newbie
First Anniversary
in Mortgages & endowments
Hi all,
I'm was looking to release some equity from my current flat which I own outright by getting a mortgage,I believe it's called an unencumbered mortgage and was just wondering if there was anywhere in particular I should look/read up on as I don't feel like I know much?

The mortgage would be used to buy a second property which I would live in for a year or two and then look to rent out - with that in mind should I be getting a BTL mortgage or standard one? Any advice on this would be great appreciated! 

thanks in advance!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The mortgage is just the term for the legal charge placed on a property to secure a debt. Consult a mortgage broker. As you'll need a lender willing to release funds for the purpose you describe, along with help in procuring a BTL lender who will accept the source of the deposit. Packaging everything together will be easier. 
  • ACG
    ACG Posts: 24,966 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It would be classed as a remortgage.
    If you plan on renting out the current place then it would be a Buy to let you need. 
    I am a Mortgage Adviser
    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.
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