Dingdongler

Hi.

Hypothetical question really. If you had no mortgage on your house and wanted to raise money, let's say 60-70% of the value of the house, is it a problem to remortgage the house? (Assuming income is 3-4 times amount being raised)


'Remortgage' is not really the correct term, as it would be a new mortgage. Does the bank ask you what the money is for these days? (They never did over the last 10 years!) Will they still lend on an interest only basis, or has that option disappeared?

Thanks

SunnySideUp

You'll get it no bother ... just ask.

I took out a Flexible Mortgage many moons ago and cleared the debt quite quickly - except for a few £100 - this means that I can simply ask for a cheque up to the original mortgage amount and it is my account within a few days (no costs, no hassle).

Dingdongler

SSU, are you sure that is still the case with the restrictive lending practices these days? As long as I'm only asking for circa 60% LTV and 3-4 times income will it be no questions asked? Do I apply for a remortgage or mortgage? Thanks.

Btw, will you be buying this year do you think?

SunnySideUp

I'm not sure where this year will be heading ..... following the election is the time we all need to fear, I doubt we will have seen anything like it.

So, I think asset prices will drop from August ... shares and houses ... Gold will continue its rise as sterling will be in deep trouble. Yes, at the right price, I will be buying property in Autumn 2010.

Your option would be a Mortgage, your hypothetical situation says no mortgage - so, a re-mortgage is not what you would be applying for. But a 60% LTV and 3-4 multiple should see you with what you want

hodgy0_2

lending criteria will relax pretty soon imo


the finance industry relies on it too much

Dingdongler

Thanks