I have just inherited a property from a relative that is mortgage free. It is great to have this asset but I have little in cash savings so I would like to release some of the value in the house for other expenses. What is the best way to do this and should I remortgage?
You don’t say who lives in the property. If you live in it, or have it as a second home, remortaging is certainly an option for you, as long as you are in a position to make the necessary repayments. Rates are very low at the moment which does make it a cost-effective way to borrow money. Currently there are lots of deals which include a free valuation and no charge for the necessary legal work. If you let the property to tenants, you’ll need to get a buy to let mortgage.
Either way, we can help, so do get in touch if you want some assistance.
1st January 0001