Remortgaged a Mortgage Free Home 15 January 2021 at 2:50PM edited 16 January 2021 at 2:13PM in Mortgage-free wannabe 2 replies 71 views

DollyTheSheep

We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. 

I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end" and "how much left to pay on the mortgage". I know things like equity release exist (something we don't wish to use), but is it possible to raise cash on a mortgage free home using a remortgage financial product?

dark^knight

Hi,

Raising cash on a mortgage free home does sound risky to me.

I understand you want to help your son, but if you are having to get a loan to help towards his deposit, I am not sure that's a good idea.

By all means, help him if you can, but without having to take out a loan.

d_k

newgirly

I would suggest posting this on the mortgage board as this is the mortgage free board, good luck 🙂