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Showing results for tags 'cash purchase and mortgage'.
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How to release equity?
Eifion A posted a topic in Mortgage AdviceMy mother owns her own home outright which is worth about 110K. We are looking to invest in BTL together and have 60K capital between us; how do we go about releasing the equity in my mother's home so we can use the capital to cash-purchase a BTL property? Any advice greatly appreciated!
Cash purchase then mortgage
PaddyHorsington posted a topic in Mortgage AdviceHello, Could someone help me with the following query: I’m considering the strategy of purchasing a property with cash and then mortgaging the property in 9-12 months’ time. I think that the cash purchase has enabled me to get a BMV property, so I’m hoping to be able to re mortgage at the higher value. Is this likely to be possible or will the lender go off what I originally paid for the property? Is there any point in me getting the property valued before I buy in the hope that this will act as evidence to the lender of its true value for when it comes to mortgaging? Thanks in advance