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  • Mortgages & Finance

    Mortgage on a full paid property

    Hi.  I would like to get my full paid property on mortgage in order to get some extra cash to buy another property.  I asked my bank (Bank of East Asia) and they said they dont mortgage on the property that has been bought already.  Is this the usual practice for all the banks in UK? Is there anywhere i could get mortgage?  Thank you.

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    standard practice to be honest - no problem, you just need to know which lenders would say yes, and we do ....

    call us anytime on 01206 654 444 or send your details to advice@ptfs.co.uk and one of the Team will contact you by return

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    I am sorry to hear than BeBee72. It is in fact unusual that they do not allow remortgages. Some lenders treat a remortgage (ie remo) differently with reduced requirements but as your lender is not a mainstream player I can understand why they are reluctant to do this.

    Most lenders in the UK will do this for you and you should not feel trapped into a loan that's not right for you. And of course releasing equity to buy another property is not uncommon (its called Capital Raising).

    You will need to start doing tax returns as part of this venture. I would be delighted to help you with that and your mortgage.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022