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Member
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
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 Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
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A Dreamer? A Liar? A Scammer? Smells damn right Fishy to me!
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yeah, nah
"Rebuild my home" - perhaps it burnt down and they are waiting on Insurance (or had none!)?
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Member
Originally Posted by myles
"Rebuild my home" - perhaps it burnt down and they are waiting on Insurance (or had none!)?
Even if that was the case the bank would have still given them a mortgage against the freehold land at 5% instead of 18%
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yeah, nah
Originally Posted by icyfire
Even if that was the case the bank would have still given them a mortgage against the freehold land at 5% instead of 18%
You can't possibly know that...we don't know what other loans/factors might be involved...
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Member
Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
Screenshot_8.jpg
Privacy, psychological security, transaction costs (if they intend to repay quickly).....
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Junior Member
Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
Screenshot_8.jpg
Umm read the comments Icyfire purpose of loan is to help save for a deposit on a new house. I don't think they own a house now despite what the loan profile says.
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Junior Member
Oh "rebuild" I didn't read carefully enough sorry 
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Member
Originally Posted by Robuste
Umm read the comments Icyfire purpose of loan is to help save for a deposit on a new house. I don't think they own a house now despite what the loan profile says.
The loan info clearly stated, "Fully Owned - No Mortgage". That can only mean that the borrower owns a mortgage-free house.
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