'unencumbered mortgage' - need advice

Sophie8989

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!

Thrugelmir

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

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.