Posted this in mortgages forum but no replies, might be better asked here?
If I own a house, mortgage free, and I give a life interest to someone else, living in that house, can I raise a mortgage using that house as security in the future?
Posted this in mortgages forum but no replies, might be better asked here?
If I own a house, mortgage free, and I give a life interest to someone else, living in that house, can I raise a mortgage using that house as security in the future?
If that's what you mean then the answer is no as if you default on the payments the lender has to sell the property with someone living in it & there's no way they're going to get into that scenario. It doesn't matter if you're raising the money to buy another house they will not take security of a property with a right of residence on it.