financing flat bought with cash

chirpychirpy | 21:42 Wed 16th Dec 2009 | Business & Finance

5 Answers

A friend has just bought a flat entirely with cash, but now he wants to get a mortgage. You might think he should have thought of that before, and he did. The mortgage lender took so long to make a mortgage offer that he was in danger of losing the property (having it put back on the market by the vendor). Anyway, is it correct to call the loan my mate is now seeking 'a mortgage', and if not what is the correct term? What is the best way of borrowing that money against the value of the property? And will my mate have to wait a while before a lender is prepared to make an offer?

Postal Orders

arther guinness and the 9000 year lease

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R1Geezer

If it is secured on a property it is a mortgage.

ummmm

How easy it is depends on the value of the flat compared to what he wants to borrow. It should be pretty straight forward as it is bought and paid for.

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chirpychirpy

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property worth about £155. Wants to borrow £55

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