Have you been within the position that is happy of your home (or an investment home) outright: you purchased with cash, or you’ve completely paid down your mortgage. And today you wish to raise some cash from the home – to finance another home purchase, or pay money for some renovations.
Being mortgage-free, sitting together with 100% associated with the value of your house, should place you in a handsome position as a borrower that is prospective. But, perversely, a couple of probably the most apparent financing tracks – a mortgage expansion, or even a second-charge loan – aren’t open to you.
It once was that mortgage finance terms had been organized for 20 or 25 years so that your home loan could be fully paid back before you reached retirement age. Continue reading “Am I able to borrow secured on a house without any home loan?”