We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Remortgage on house already paid for
Trinity24
Posts: 2 Newbie
I currently own my house outright and do not have a mortgage on it. I need to borrow some money and want to understand if it is a good idea to re-mortgage my property? I am also looking into equity release but re-mortgaging seems to be a viable option. Can anyone please advise? The property is currently worth about £250,000.
Thank you!
Thank you!
0
Comments
-
How much are you looking to borrow?0
-
About £25,0000
-
You would need to check lenders minimum lending amounts. Some won't lend on amounts as small as £25k.1
-
It's a remortgage of an unencumbered property if that's the route you choose. Purpose of loan will be a consideration for many lenders, as well as the loan size.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
-
Mortgages are based on age and affordability and whilst it is possible to get a mortgage up to age of 80 you would need to prove that you could afford payments when retired.
Equity release is only available after age of 55 and gives you fewer options moving forward1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards