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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.
standard practice to be honest - no problem, you just need to know which lenders would say yes, and we do ....
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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.
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Sorry to jump in on this, I have a similar question..
I have found a buy to let property where the seller is wanting a quick cash deal. If I pay cash do I have to wait 6 months to be able to re-mortgage ?
Hi Jimmy,Typically you do have to wait 6 months to take out a mortgage on a cash purchase, but there are a handful of lenders who will consider undertaking term finance sooner than six months.The team at PT Financial Services work closely with those lenders and can assist you in re-cycling your cash as quickly as possible. Give them a call on 01206 654444.*Edit - replied at same time as PTFS below.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
in most cases, yes, you would have to wait for the full 6 months in order to remortgage. There are, however, some lenders who do not have the 6 month rule, and will allow you to Capital Raise. The seller of the property also comes into the equation. There may be issues if they have owned the property themselves for less than 6 months.
If you would like some help or advice with this, we would be happy to help. Please give us a call on 01206 654444
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