Remortgaged a Mortgage Free Home

DollyTheSheep
DollyTheSheep Posts: 115
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edited 16 January 2021 at 2:13PM in Mortgage-free wannabe
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?

Comments

  • dark^knight
    dark^knight Posts: 526
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    edited 15 January 2021 at 5:38PM
    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
    newgirly Posts: 8,861
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    I would suggest posting this on the mortgage board as this is the mortgage free board, good luck 🙂
    2022 MFW 67 - 33 month challenge to clear mortgage, month 15 completed and on track 🙂MFI3 No.12
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