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Multiple Mortgages And/or Equity Release
Dear Sir, I haven’t seen any reference on this app that taking more than more mortgage for additional investments is not permissible. I mean one may have 4 or 5 properties and all are through mortgages. Some properties may be for living, some for rental income and some for appreciation in value. Please advise. I however was told that Ghamdi Saheb doesn’t allow equity release through mortgage ie if the loan amount on a mortgage has come down through repayments and property value has appreciated, banks allow customers to take out more loan against this property provided criteria such as ratios are met. Please shed some light. Regards
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1 Reply
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Multiple Mortgages And/or Equity Release
updated 2 years, 3 months ago
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Mortgage is allowed according to the Ghamidi sahib. The principle is that there should be no injustice and harm intended in a deal.
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