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    • lily1967
    • By lily1967 13th Mar 17, 1:52 PM
    • 1Posts
    • 0Thanks
    Remortgaging unencumbered property
    • #1
    • 13th Mar 17, 1:52 PM
    Remortgaging unencumbered property 13th Mar 17 at 1:52 PM
    Hi, newbie here looking for advice on remortgaging our current property (now mortgage free, It's valued at around 450k) to enable us to buy our next property (downsize, it's valued at 285k). We'd be planning to sell this main property and move into our downsize property within 18 months to avoid the 3% additional home charge (we are in Scotland). To secure the property time is of the essence (there's already a fair bit of interest) and we're not ready to go on market immediately (family reasons). As we have so much equity in this property I thought we'd get a better rate remortgaging this rather than having to take out a high LTV on the next one - and using a fair amount of our savings as a deposit/fees (we paid our mortgage off 10 years early rather than save lots in a low-interest account, so whilst we have some savings I don't want to raid the lot). Spoke to nationwide our previous lender who are happy to remortgage this so we can blow the lot on a yacht or a holiday but not if we tell them it's to buy another property and that we wil pay the mortgage off when we sell this. Advice? Is my plan even possible - or is there a better more cost effective way to fund the purchase?
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