Can I Borrow Money Against My House To Buy Another Property
Do you want to borrow money against your home? Why would you want to borrow money - a good reason would be to use the funds as an investment. Whether you get approved is also dependent on the purpose of lending as this will have an impact on the decision-making process. Some lenders recommend raising money against your home so that you are able to invest in “buy to let” or to purchase another property.
If buying a second home is part of your plans, here are some factors that need to be taken into consideration
Here is a list of factors where you can borrow money to buy another property, such as:
- Borrowing money to buy a commercial property; if you own a commercial home, there is a possibility to remortgage so you can be able to buy another home.
- Let to Buy; Renting out your current home so you can be able to buy another home.
- Buy a holiday home; Buying a second home with your raised money in addition to your existing home.
- Buy a holiday let; Buy a property to rent out for short-term purposes such as holidays or short breaks.
- Invest in Buy to Let; Raising money to on your current home to buy a different property to rent out to people.
- Remortgage to invest in commercial property; Raising money to buy a property that will be used for business purposes such as office space or a shop.
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