We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Remortgaging my paid up house
Options

carpenter365
Posts: 4 Newbie

Hello All, not sure if this is a very obvious question but here goes...
I currently own my house outright as I borrowed some money from my family to pay off the mortgage before the fixed rate came to an end. I need to pay them back within the next year or two and so one option would be to take out a fresh mortgage, I would be looking for around £150,000 on a house worth £800,000. Would this be straightforward or would any bank only want to lend if the monies were being used to pay back another lender? Is it as simple as once the mortgage is completed, they ask me what account I want the money paid into? Many thanks
I currently own my house outright as I borrowed some money from my family to pay off the mortgage before the fixed rate came to an end. I need to pay them back within the next year or two and so one option would be to take out a fresh mortgage, I would be looking for around £150,000 on a house worth £800,000. Would this be straightforward or would any bank only want to lend if the monies were being used to pay back another lender? Is it as simple as once the mortgage is completed, they ask me what account I want the money paid into? Many thanks
1
Comments
-
carpenter365 said:Is it as simple as once the mortgage is completed, they ask me what account I want the money paid into?
0 -
I think my concern is that the lender would not want to pay the money directly to me as they cannot control how it is spent ie what is to stop me spending the money on a Bentley!!0
-
In 1999 I mortgaged my owned house and bought a new Porsche 911.
It was cheaper than any loan and I didn't want to sell any shares.
0 -
carpenter365 said:I think my concern is that the lender would not want to pay the money directly to me as they cannot control how it is spent ie what is to stop me spending the money on a Bentley!!Life in the slow lane1
-
I had am offset mortgage and asked them about the "reserve" - they said "you can buy a lamborghini if you like, none of our business"0
-
thanks everyone!0
-
carpenter365 said:I think my concern is that the lender would not want to pay the money directly to me as they cannot control how it is spent ie what is to stop me spending the money on a Bentley!!0
-
As ever the lender is only concerned about affordability so it would depend on income and age how long you could have a mortgage for.0
-
gwynlas said:As ever the lender is only concerned about affordability so it would depend on income and age how long you could have a mortgage for.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
silvercar said:gwynlas said:As ever the lender is only concerned about affordability so it would depend on income and age how long you could have a mortgage for.
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards