Unencumbered Property

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Posted on 16 November 2010


I own a property (worth about £95k), but because I didn't buy it with a mortgage I am unable to borrow against it to do some improvements and pay off existing debts. Can you help?

Julie

 

Whether or not we can help will depend on numerous factors, but in principle it should be possible.  Just because you purchased without requiring a mortgage does not necessarily preclude you from obtaining one now.

 

I do not know who you have tried already, but the majority of High Street Lenders will insist that you have owned the property for 6 months before they will consider a mortgage application.  However, there are Lenders who will consider this without imposing any time restriction.

 

For these Lenders, you will need to meet their Lending criteria and this is where a good independent mortgage broker can help you.  By finding out your own personal circumstances, income, credit commitments, employment, residential history etc, they will be able to advise you which Lender will accept an application and also recommend the type of mortgage product you should take.  I recommend that you speak to one as soon as possible.

 

Peter


Categories: Remortgaging, Consolidation of debts, Capital Raising


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Our charges are based on two considerations: the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to  proceed with an application. As we offer a bespoke service our charges can vary. Our minimum fee is £495, (of which a non-refundable £150 is payable when you make a formal mortgage application). The average fee paid by our clients over the last year was 0.24% of their loan value. (For example, if your loan amount is £300,000 our average fee would be £720). If your circumstances are more complex we may charge a higher fee. Our maximum fee is 1.5% of the loan value. (For example, if your loan amount is £300,000, our maximum fee will be £4,500).

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