How do you get a Mortgage against your Mortgage Free Home (NOT Equity Release)

pfpf

a family member in the very early stages of looking at this option.

but, and i have used various lenders online calculators and found the same as them, there is never the right option of what type of mortgage you want. FTB doesn't work as no deposit, remortgage doesn't work as £0 outstanding. LTV would be no more than 10-20%,

any suggestions for online comparisons/estimates other than broker/ringing lenders?

thank you.

ACG

It is just a remortgage. 

MWT

If they are just looking to see how much they could borrow either FTB or remortgage will get them in the ball-park, I just did a quick test with Santander and the calculator worked just fine, the deposit they have is effectively the equity in the house, i.e. the current value, this is just an unencumbered mortgage.

This is not equity release, so the amount they can borrow is determined by their income and expenses, not the value of the property.

For simplicity though, try the Barclays calculator that has an option for 'Mortgage an owned property' but you'll find that it matters little which option you pick, the amount they can borrow will be very similar, if not identical.

The value of their property will play a part in the LTV and hence the interest rate, but at 10-20% they are far below the level where it will make any difference to the rate.

[Deleted User]

Took a mortgage out on an unencumbered property at 60% LTV.
At the start of the process I told the broker i want to borrow X and I estimate property is worth Y.  In truth property might have been worth Y +5%. Lender subsquently agreed to Y as value exactly. Lowest interest rates achievable for this type of mortgage.