Which mortgage advice

Montuiiri · 14 September 2019 at 5:49PM

Hi

I am just enquiring as to what type of mortgage this would be that I should look into.

I have a property paid off with no mortgage at all but want to buy an investment property to bring in some extra income.
What mortgage would this be to use the capital against my property which is paid off?

Hope that explains the situation.

Many thanks

LRmortgage · 14 September 2019 at 7:16PM

Presuming you’re living in the property that you want to release the money from, it would be a residential remortgage.

You will be asked what you want the money for, you say to use to purchase another property.

Some lenders will then ask you details of the nee property and may insist that you complete the purchase simultaneously with the remortgage, other won’t care and will just release the funds to you.

Montuiiri · 14 September 2019 at 8:25PM

Hi LRMortgage

Many thanks for that advice. Yes I live in the property but want to release the funds to buy another to get the income from that investment instead of capital just sitting in a property.

That is very helpful though. Appreciated.

Montuiiri · 14 September 2019 at 8:35PM

LRmortgage wrote: »

Presuming you’re living in the property that you want to release the money from, it would be a residential remortgage.

You will be asked what you want the money for, you say to use to purchase another property.

Some lenders will then ask you details of the nee property and may insist that you complete the purchase simultaneously with the remortgage, other won’t care and will just release the funds to you.

Do I not need a current mortgage in order to remortgage? As when I search online it says how much of my mortgage do I currently have.
Sorry just not dealt with this before.

Thanks

amnblog · 15 September 2019 at 10:21AM

Use a Broker for best result here.

Which mortgage advice

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