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Remortgage or equity release ?
mbrackenbury
Posts: 1 Newbie
HI,
We have recently paid off our mortgage, and have a dream to purchase a holiday home in Greece which we can rent out when family and friends are not using it.
I still have about 18 years of work life before I can retire so am thinking that remortgaging our current home to pay for the Greece house outright.
Question is can you take out a mortgage on the property we already own? or is equity release the only option?
Thanks
Mark
We have recently paid off our mortgage, and have a dream to purchase a holiday home in Greece which we can rent out when family and friends are not using it.
I still have about 18 years of work life before I can retire so am thinking that remortgaging our current home to pay for the Greece house outright.
Question is can you take out a mortgage on the property we already own? or is equity release the only option?
Thanks
Mark
0
Comments
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You are looking for a remortgage of an unencumbered property. Equity release is a different product for a different market.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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