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If I own my home outright, can I take a mortgage loan out on it for another purpose

Custom24
Custom24 Posts: 11 Forumite
Sixth Anniversary First Post Combo Breaker
in Mortgages & endowments
Hi
Google is not helping me with this obvious question, maybe it's too obvious, sorry.  Let's say I own outright my house and live in it.  If I don't have a mortgage, can I secure a mortgage loan on the house for the purpose of say paying a tax bill?
Would it be only specialist providers that do this, or would it be the open mortgage market?
Thanks

Comments

  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yes. But not all lenders would allow it. 
    No reason why it cant be placed at normal rates though on the high street, but it wont be for every high street lender. 
    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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