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Can I raise a mortgage on my second property?

Posted on 12 March 2013 by Alan


I 100% own a second property worth £250000 that my 87 year old mother lives in. How can I raise cash against this property.

Alan,

Subject to meeting overall affordability, there shouldn't be any reason why you wouldn't be able to capital raise on your second property that your mother resides in.

Not every lender will allow this though, and some will restrict the purpose you wish to raise the monies for, however as an Independent, Whole of Market broker, we have access to those lenders who are happy to consider this type of case.

If you'd like to talk through your options in more detail, then please let me know and I'll arrange a convenient time for one of our consultants to call you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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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.

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