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Borrowing against one house to buy another
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Tirian
Posts: 992 Forumite
I have an unmortgaged home. I would like to buy another property, which would require about 1/3 the value of my home to purchase. I have easily sufficient income to cover a loan/mortgage for this amount, and would most likely pay it off 12-24 months after.
What is the best way to do this? When I search for mortgage options they all require you to choose either FTB, home mover or remortgage ... and this is none of those.
What is the best way to do this? When I search for mortgage options they all require you to choose either FTB, home mover or remortgage ... and this is none of those.
For where your treasure is, there will your heart be also ...
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Nearest category is a re-mortgage, though technically you don't have a mortgage so it is just a mortgage, but as it doesn't involve moving, that is what I would choose.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.3
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I did this and it was just treated as a remortgage1
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None of the sites let you out in zero as the current mortgage balance for a remortgage ..silvercar said:Nearest category is a re-mortgage, though technically you don't have a mortgage so it is just a mortgage, but as it doesn't involve moving, that is what I would choose.
For where your treasure is, there will your heart be also ...0 -
How did you get online quotes? They won't let me put 0 for the existing mortgage balance for a remortgageFlugelhorn said:I did this and it was just treated as a remortgageFor where your treasure is, there will your heart be also ...0 -
Which sites are you talking about? This is what the first one I tried (Nationwide) gives you:Tirian said:
None of the sites let you put in zero as the current mortgage balance for a remortgage ..silvercar said:Nearest category is a re-mortgage, though technically you don't have a mortgage so it is just a mortgage, but as it doesn't involve moving, that is what I would choose.
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It was a few years back, did it over the phone with my bankTirian said:
How did you get online quotes? They won't let me put 0 for the existing mortgage balance for a remortgageFlugelhorn said:I did this and it was just treated as a remortgage0 -
Use a broker (independent).0
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@Tirian, I’ll move this thread to the mortgage board.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
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Mortgage the BTL to keep it separate from your personal finances.0
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may not be a BTL, I did this for a holiday homechrisw said:Mortgage the BTL to keep it separate from your personal finances.0
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