Mortgage Q - Remortgage to buy

[rdj001]

Evening all, context : owing to separation I want to buy a property for my wife. Current home is worth circa £700k and is mortgage free.

Can I re-mortgage existing property, taking £450k equity out to allow me to buy a property outright for my wife (in her name). Ideally would be an interest only mortgage with a view to clearing in about 3 years when some company stock vests. Ideally would like monthlies in the interim to be as low as possible. I have just turned 54 which is likely relevant to overall term.

Many thanks for any advice?

[Sarnie]

Yes, it's possible but not all lenders will do it and Interest Only will require you to satisfy some minimum income and equity requirements.

I can sort this for you if you want to drop me a line

[rdj001]

Thanks Sarnie, will drop you a note with some details.