Remortgage
Posted: February 22nd, 2018, 11:12 am
Hi all,
I own my home outright and have been thinking about taking out a mortgage against my own home so that I could buy myself another house as a project. Depending on what I buy, I might refurb and resell, let it to a tenant or let it for short-term holiday rentals.
I'm looking to borrow less that 30% of the value of my main home, so I don't see any significant risk to the bank.
However, when I called my bank to ask about what they could offer, they wanted the usual salary etc. information, but they also wanted a lot more information on what I want the money for and how I will pay the council tax on the additional property if I can't let it.
What I really want to do is have an amount of money available to draw on (just in case I go to an auction or want to act quickly on something I see) that's secured on my existing home, without having to jump through a load of hoops once I've identified a target. This simply isn't possible with my bank.
Does anyone here know of a lender that would offer borrowings, based on adequate cover from the equity of the existing home alone?
Thanks in advance
Jever
I own my home outright and have been thinking about taking out a mortgage against my own home so that I could buy myself another house as a project. Depending on what I buy, I might refurb and resell, let it to a tenant or let it for short-term holiday rentals.
I'm looking to borrow less that 30% of the value of my main home, so I don't see any significant risk to the bank.
However, when I called my bank to ask about what they could offer, they wanted the usual salary etc. information, but they also wanted a lot more information on what I want the money for and how I will pay the council tax on the additional property if I can't let it.
What I really want to do is have an amount of money available to draw on (just in case I go to an auction or want to act quickly on something I see) that's secured on my existing home, without having to jump through a load of hoops once I've identified a target. This simply isn't possible with my bank.
Does anyone here know of a lender that would offer borrowings, based on adequate cover from the equity of the existing home alone?
Thanks in advance
Jever