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  • FIRST POST
    • G01987
    • By G01987 15th Mar 19, 4:23 AM
    • 1Posts
    • 0Thanks
    G01987
    Re-mortgage property owned outright
    • #1
    • 15th Mar 19, 4:23 AM
    Re-mortgage property owned outright 15th Mar 19 at 4:23 AM
    Hello, looking to understand if we can remortgage our home that we currently own outright. Reason is we would like to raise funds to buy a 2nd property outright that we would rent out and hopefully pay off in circa 15 years as part of retirement planning/alternative to a conventional pension. Would be looking to borrow up to 30% -35% of our existing home's value. Does anyone know if this is possible; and if so any recommendations for lenders who do this? Thanks.
Page 1
    • getmore4less
    • By getmore4less 15th Mar 19, 7:35 AM
    • 35,025 Posts
    • 21,394 Thanks
    getmore4less
    • #2
    • 15th Mar 19, 7:35 AM
    • #2
    • 15th Mar 19, 7:35 AM
    Do you have your rental business plan ready?

    hopefully pay off in circa 15 years
    You will need a property with gross yield in excess of 10% to do that.
    • foxy-stoat
    • By foxy-stoat 15th Mar 19, 10:14 AM
    • 3,857 Posts
    • 2,175 Thanks
    foxy-stoat
    • #3
    • 15th Mar 19, 10:14 AM
    • #3
    • 15th Mar 19, 10:14 AM
    No one will recommend lenders on here - they will however recommend you talk to a broker.

    Good lucks
    • Unicorn cottage
    • By Unicorn cottage 16th Mar 19, 8:10 PM
    • 246 Posts
    • 323 Thanks
    Unicorn cottage
    • #4
    • 16th Mar 19, 8:10 PM
    • #4
    • 16th Mar 19, 8:10 PM
    What is gross yield?
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness"
    • E11btt
    • By E11btt 16th Mar 19, 8:18 PM
    • 6 Posts
    • 0 Thanks
    E11btt
    • #5
    • 16th Mar 19, 8:18 PM
    • #5
    • 16th Mar 19, 8:18 PM
    I know someone who did this. They remortgaged for 100,000 on an outright owned property and re built parts of their property with the funds and extend. So think it can be done as long as of course, income, age, etc all matches up with the amount you need to raise. Sorry no more info I can give
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