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Raising cash

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  • Raising cash

    Hi
    This is my first post so be gentle with me!
    I am mortgage free on my current home, I want to buy another house and at some point sell my current home to pay off the outstanding debt
    Is there any scheme, mechanism where I can raise money based on the combined value of the two properties, preferably interest only, the house I want to buy is approximately 40% of the combined total

    dohuk1

  • #2
    Re: Raising cash

    Ok - first of all there is no one scheme that will cover both properties - residential mortgages can be secured upon one property only.

    Assuming you have a deposit then you could raise a mortgage to purchase the new property; this would be secured upon the new property - or, if you needed to raise the deposit using the equity in your current property then you would also have to remortgage your existing property.

    Hence - it maybe 2 mortgages - one to buy your new property and one to remortgage your existing one.

    Hope this helps to clarify matters for you.
    Last edited by Sean.; 23-05-2013, 09:11 AM. Reason: added text

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    • #3
      Re: Raising cash

      Better to sell up and take out a fresh, albeit small, mortgage.
      Why would you want two mortgages when you are mortgage free?
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