Hi,
I have a house rented out that I bought a few years ago from savings and a loan from family members.
I've since taken a mortgage to buy a house that I currently live in.
The plan is to repay family members as I save the money from rent + savings etc.
If needed, is there a way to mortgage the unmortgaged house to raise funds for my own disposal (replaying balance of what is owed to family)? I've searched on here but can only find references to mortgaging a house to fund extensions etc.
Thanks,
I have a house rented out that I bought a few years ago from savings and a loan from family members.
I've since taken a mortgage to buy a house that I currently live in.
The plan is to repay family members as I save the money from rent + savings etc.
If needed, is there a way to mortgage the unmortgaged house to raise funds for my own disposal (replaying balance of what is owed to family)? I've searched on here but can only find references to mortgaging a house to fund extensions etc.
Thanks,