Am I able to borrow secured on a house without any home loan?

Am I able to borrow secured on a house without any home loan?

Are you currently within the pleased place of having your house (or a good investment home) outright: you purchased with money, or perhaps you’ve fully repaid your mortgage. And today you wish to raise some cash up against the property – to finance another home purchase, or purchase some renovations.

Being mortgage-free, sitting in addition to 100% of this value of your property, should put you in a handsome position being a borrower that is prospective. But, perversely, a few the absolute most apparent money tracks – a mortgage expansion, or even a second-charge loan – aren’t open to you.

It once was that home loan finance terms had been structured for 20 or 25 years so that your home loan will be completely paid back before you reached retirement. Continue reading «Am I able to borrow secured on a house without any home loan?»