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Raising a new mortgage on a property owned outright
sl2-watts
Posts: 1 Newbie
Hi New to this forum and forums in general.
Would really appreciate any advice on this though. An going to be buying a house with cash upfront but will be looking to raise a small mortgage on the property after I own it to pay back a family member who is lending me some of the money. Will I still need to get a survey/valuation done on it - or will this not be necessary as I will own it by then and the mortgage will only be for less then a quarter of the price of the house?
Would really appreciate any advice on this though. An going to be buying a house with cash upfront but will be looking to raise a small mortgage on the property after I own it to pay back a family member who is lending me some of the money. Will I still need to get a survey/valuation done on it - or will this not be necessary as I will own it by then and the mortgage will only be for less then a quarter of the price of the house?
0
Comments
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you will still need a survey
why not put less of a deposit now, rather than borrow the money to pay it straight back?I am a Mortgage AdviserYou 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.0
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