Can I use a current house as collateral in a purchase? | Money | guardian.co.uk
Q I am a British citizen who has lived in Europe for many years. Twelve years ago, after the death of my husband, I bought a house in England for my sister and brother-in-law, for which they pay a minimal rent. I bought the house outright and have no debts.
As I am retiring at the end of the year I had thought of buying another house for myself near to my sister. My question is, as I don't need to take out a mortgage, would it be possible to pay approximately 50%-60% of the price of the house and use the house I already own as collateral for the remainder? SK
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