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Un encumbered property advice
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jorge1986
Posts: 1 Newbie
I currently own my home outright but want to buy another property with my partner . I understand you may mortgage the unencumbered property but i just want to know exactly how it works. Say i want 50k for a deposit on a new property - do i have to pay the 50k borrowed as one mortgage payment a month and then the other mortgage on the new property? Can the 50k be pay off over the same period as a normal mortgage say 30years or is it more like a loan and over a shorter period?
Thanks
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Comments
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Whatever you want, subject to affordability, status, valuation etc.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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