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Lending against my leasehold flat
KateMalone
Posts: 3 Newbie
Am I able to borrow against my recently paid off ex council flat?
0
Comments
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This is called borrowing against an unencumbered property and is a form of remortgage. Should be possible as long as there is a decent length of time left on the lease.Has land registry been updated to reflect your ownership as we had one fairly new mortgage broker tell us it needed to be fully registered, and a more established one sort us out no problem when we did similar on a freehold house last year.0
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If the answer is "no" then fair enough - but just to check - you aren't looking to borrow to clear debts are you? If so, please hold off on committing to anything and post over on the DFW board where you can be offered help to find a different way out.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
That is a good point, the reason for borrowing does come into it, and as an example Santander won't do it for anything they class as debt consolidation.0
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Although not for the right reasons, this is usually a good thing as consolidation only works for a small proportion of people.Jonboy_1984 said:That is a good point, the reason for borrowing does come into it, and as an example Santander won't do it for anything they class as debt consolidation.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Thank you!Jonboy_1984 said:This is called borrowing against an unencumbered property and is a form of remortgage. Should be possible as long as there is a decent length of time left on the lease.Has land registry been updated to reflect your ownership as we had one fairly new mortgage broker tell us it needed to be fully registered, and a more established one sort us out no problem when we did similar on a freehold house last year.0 -
No but thank you.EssexHebridean said:If the answer is "no" then fair enough - but just to check - you aren't looking to borrow to clear debts are you? If so, please hold off on committing to anything and post over on the DFW board where you can be offered help to find a different way out.0
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