Mortgage Question
Discussion
Thought I'd ask this question to all those with mortgage / finance knowledge on PH.
A few years ago we 'bought' our first home. Basically, we don't have a normal mortgage. We paid about 15% of the value of the house using some money we'd saved up. The rest my father gave to us, which we pay back directly to him. Therefore as far as the banks are concerned we own the property outright. So far, so reasonably simple!
We now want to move somewhere larger for which we'll have to take out a 'proper' mortgage. We also want to keep our existing house and let it out.
My question is; can we take out a bank / building society mortgage using the value of the house we 'own outright' as a deposit / collateral?
Any help appreciated.
A few years ago we 'bought' our first home. Basically, we don't have a normal mortgage. We paid about 15% of the value of the house using some money we'd saved up. The rest my father gave to us, which we pay back directly to him. Therefore as far as the banks are concerned we own the property outright. So far, so reasonably simple!
We now want to move somewhere larger for which we'll have to take out a 'proper' mortgage. We also want to keep our existing house and let it out.
My question is; can we take out a bank / building society mortgage using the value of the house we 'own outright' as a deposit / collateral?
Any help appreciated.
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