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Mortgage or secure loan?
DHC
Posts: 3 Newbie
I bought a property last year with the my savings without any mortgage. I'd like to raise some money for a full renovation. What type of mortgage should I get? Am I qualified for first time buyer mortgage as I've never had an mortgage before and this is my first property? Also, a friend said I could borrow a secure loan against property, is it not the same as mortgage? I've never borrowed any money from bank, always paid off credit card and bills on time so is totally unfamiliar with how the borrowing process works and would appreciate some advice please. Thanks.
1
Comments
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Remortgage of unencumbered property.
No, you're not a FTB, you own your home.
Secured loan tends to be for a second mortgage, the interest rates are also higher.
Speak with an independent whole of market mortgage broker. If you don't know any or haven't had friends buy a property within the last few years, there are some who post on MSE. You can approach them, they cannot approach you first.Mortgage started 2020, aiming to clear 31/12/2029.0
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