What does unencumbered property mean?
If a property is said to be unencumbered then this means that it is owned outright and does not have a mortgage.
To be owned mortgage-free there must be no charges or restrictions registered against the property title.
A property could be ‘unencumbered’ if:
- It was purchased for cash
- The mortgage has been fully paid off
- The property was inherited debt free
If you own a property outright but wish to get a mortgage to access the equity then this would be called a remortgage.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.