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Can I remortgage my UK flat to free up cash for an apartment in Spain?

Posted on 23 May 2016


"We have no mortgage on our flat due to downsizing last year and want to buy an apartment in Spain rather than taking out a mortgage in Spain would we be able to mortgage our flat at home to free up cash for apartment in Spain. I am 54 husband is 59."

Thanks for getting in contact via the ‘Ask the Expert’ section of the John Charcol website.

From the information you have provided, I believe that we may be able to help, however we would need more information such as full details of income and expenditure and when you plan to go ahead with the transaction. I would need to know exactly what you are planning to do with the property, i.e. whether the property in Spain would be a holiday home first before you live in it full time. You would need to arrange a residential remortgage to buy the property in Spain, with the ability to be able to change this to an Expat buy to let mortgage if you move abroad permanently in retirement if this is the case.

When we have this information we could then approach a lender that would allow the release of funds for purchasing a home in time should you wish to move to Spain permanently, and then allow it to switch onto a buy to let basis at a later stage. Based on current criteria this would be possible, however, I cannot comment on whether this would still be the case when you move.

I consider that the best course of action would be to contact one of brokers to discuss the options more fully. Once we have a full profile of your circumstances we can decide which lenders to approach.

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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

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