I have a house that I own with the mortgage paid off. My Mum lives in it. I want to borrow £30k to use as a deposit for my own flat. Can I borrow against the house that I own that is paid off?
2006-11-29 00:51:50 · 13 answers · asked by terryscopic 1 in Business & Finance ➔ Renting & Real Estate
Yes, but make sure you keep up the repayments, otherwise you could end up losing both.
2006-11-29 00:54:41 · answer #1 · answered by Polo 7 · 0⤊ 0⤋
Yes you can re-mortgage your house but make sure you do it with a reputable bank, preferably the same one you had before. Do not get one of these loans against the value of you house. They are generally high interest and they're no better than loan sharks. Get a proper mortgage and go for it. You can also take out an insurance policy against your repayments. It will cost a bit more but if for any reason you miss a payment the insurance will cover it for you. Good luck.
2006-11-29 01:17:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sure you can, same way you borrowed and paid for the house your Mum is living in :)
2006-11-29 00:55:52 · answer #3 · answered by One 3 · 0⤊ 0⤋
Yes really easily, asl ong as there is equity in the property which yours has. You need to arrange a re-mortgage on it. Go to a site like money-news.co.uk which has the best buy re-mortgage rates and you can apply online http://www.money-news.co.uk/guides/best-buy-mortgages/default.aspx
2006-11-29 03:39:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you'd be eliminating a house fairness loan. that's amazingly stupid, in my view. you'd be putting your position at risk. What if something occurs and also you're literally not waiting to pay your loan decrease back? you'd be dealing with foreclosure and shortage of the completed resources, no remember how a lot fairness you had left in it. i'd search for different techniques of financing previously thinking a house fairness loan.
2016-11-29 22:24:01 · answer #5 · answered by cottom 4 · 0⤊ 0⤋
Yes. Nowadays most banks offer Loans Against Property.
Ask your bank for details.
2006-11-29 01:00:48 · answer #6 · answered by ravish2006 6 · 0⤊ 0⤋
I'm sure you can by taking out a mortgage (assuming you can prove that you can make the repayments), or a loan of you are a homeowner (if the deeds in your name)
2006-11-29 00:55:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes you can remortgage. Go to a good independent mortgage adviser. www.thepremiergroup.co.uk they are good and cover most of the country. Dont charge high fees
2006-11-29 05:06:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I own an old a second which needs some repairs. I rent the property, can I take out a loan on the property to make the repairs?
2016-02-13 06:26:45 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes, is called a second mortgage
2006-11-29 00:54:59 · answer #10 · answered by TemeTitoelDeo 2 · 0⤊ 0⤋