Paolo Spina

Registered with Property118.com
Sunday 21st February 2016


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Total Number of Property118 Comments: 1

Paolo Spina

14:34 PM, 10th February 2017, About 5 years ago

Re-mortgage questions?

Thank you very much for all the advice, it is appreciated.

I was a bit vague with the details; basically I wanted to re-mortgage and have he money sit in my account until I was ready and sure how to utilise it.

I was told lenders won't do this as the money has to be spent on something, so would need a reason to re-mortgage. I mentioned that going forward I would probably start to purchase properties through a Ltd. Company as all the new tax changes but wasn't ready yet. In regards to that the lender said it would be considered business purposes as Ltd. Company and probably won't lend. Unfortunately I don't want to buy anymore as a sole trader. From this it seems I'm stuck between a rock and a hard place trying to go forward. Is this just the broker..? Are there any lenders out there who are not bothered what you do with the money...Or is this the general rule when you try to re-mortgage...?

Thanks in advance.

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