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Mortgage or Remortgage?
Lou15e
Posts: 3 Newbie
Hi,
Looking for some advice please, I own my own home but I’ve never had a mortgage. I’d like to borrow against it for home improvements (new bathroom, roof repairs etc) but not sure if it would need to be a mortgage or remortgage?
Looking for some advice please, I own my own home but I’ve never had a mortgage. I’d like to borrow against it for home improvements (new bathroom, roof repairs etc) but not sure if it would need to be a mortgage or remortgage?
0
Comments
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Technically nether. However most lenders would treat it as a remortgage to put you on the same deals that they offer. Look for "unencumbered mortgage" and you should find what you need.
Also you have an option of 'offset mortgage' which might make sense you think your home improvement project might be drawn out and you only want to get charged interest at the point you actually spend it.0 -
This would be an unencumbered remortgage.1
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Thanks very much for the help, I’ll have a look at those, don’t know much about them0
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Be careful. Some lenders don't extend their "free legals" products on an unencumbered remortgage.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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