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Purchase Taking Longer Than Expected. Cashing in Mortgage before it expires. Where to put money?
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Ah, if you mean the mortgage to buy property 2 is in fact to be secured over property 1 then yes, you could in theory do this, depending on how much reassurance the lender needs about what you're actually going to do with the money (as I expect they've lent on the basis it was for the property purchase).1
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This is EXACTLY what we're looking at IF the onward purchase doesn't happen. Chances are it will, although if doesn't we may end up looking at upping sticks and using the money to just buy a bigger family home where we are currently.Flugelhorn said:I did this - took out mortgage on home I owned in order to buy second home unfortunately the onward purchase didn't happen so ended up with 180K in the bank - it was an offset account so fully offset and no interest to pay, left it there until we sorted another purchase
tricky now to get enough interest to cover costs0 -
Thanks for bearing with me. This is all starting to get a bit overwhelming and I really appreciate ALL the comments here. There's a lot of expertise in here!!!user1977 said:Ah, if you mean the mortgage to buy property 2 is in fact to be secured over property 1 then yes, you could in theory do this, depending on how much reassurance the lender needs about what you're actually going to do with the money (as I expect they've lent on the basis it was for the property purchase).
The money borrowed will of course be used to purchase a property...not on that classic car I've always wanted!
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CookhamDude said:
The money borrowed will of course be used to purchase a property...not on that classic car I've always wanted!user1977 said:Ah, if you mean the mortgage to buy property 2 is in fact to be secured over property 1 then yes, you could in theory do this, depending on how much reassurance the lender needs about what you're actually going to do with the money (as I expect they've lent on the basis it was for the property purchase).Yes- you say that, but how can we really be sure?More to nthe point, how can your mortgage lender really be sure......?
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