📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Remortgaged a Mortgage Free Home

DollyTheSheep
DollyTheSheep Posts: 115 Forumite
Second Anniversary 10 Posts
edited 16 January 2021 at 3:13PM 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 Forumite
    Part of the Furniture 500 Posts Photogenic
    edited 15 January 2021 at 6:38PM
    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: 9,367 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    I would suggest posting this on the mortgage board as this is the mortgage free board, good luck 🙂
    MFW 67 - Finally mortgage free! 💙😁
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.5K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.9K Spending & Discounts
  • 244.5K Work, Benefits & Business
  • 599.8K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.