Pre-Approval for loan on property?Make Text Bigger
Having read your article Mark on balancing high gearing with high liquidity (v useful info thank you) I’m wondering if I’m doing the smartest thing with my portfolio.
I have three properties, two under BTL mortgages and the third (very luckily) 100% paid up and mortgage free. Its this mortgage free property that I’m wondering about.
My question is, are there any financial arrangements where I could get pre approved to free up some equity on this property when the time is right ?
Here and now at the start of 2015 I have no immediate need for the cash. I *am* looking around though. Auctions / repossessions etc are all of interest to me but I’m aware as well you need access to quick cash if you are to move in these circles.
Is there any way I could go 90% of the way through a mortgage approval process on the currently un-mortgaged property without actually completing until the day I need to press the GO button and free up the cash ?
All thoughts on the matter gratefully received.
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