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Sunnypad wrote:The reason I posted the question was literally the mechanics of it - so after I do the deal, does the lender really plonk the money into my account?
Mike4 wrote:Sunnypad wrote:The reason I posted the question was literally the mechanics of it - so after I do the deal, does the lender really plonk the money into my account?
I hadn't noticed that no-one has answered this question. Yes thats exactly what happens when you take a mortgage on a flat you currently own outright.
Mike4 wrote:Sunnypad wrote:The reason I posted the question was literally the mechanics of it - so after I do the deal, does the lender really plonk the money into my account?
I hadn't noticed that no-one has answered this question. Yes thats exactly what happens when you take a mortgage on a flat you currently own outright.
DrFfybes wrote:Sunnypad wrote: Hello!
I sort of know the answer to this but I guess it seems so weird, I'm asking on here.
I'm looking to get a mortgage on my flat, which I own outright.
The purpose is to buy a second property in cash.
Is it really the case that if my application is successful, they loan me the money i.e. transfer a lump sum to my bank account?
Correct.
