I have recently purchased my parent's home in Wales which is mortgage free and valued at approx. £110k. I am looking to purchase a holiday/investment home in Las Vegas with a view to retiring there and living in that property in approx. 10 years time. I am 45 years old and would like to release some of the equity (£80k - 72% LTV) from the Welsh property to make the Las Vegas purchase. I guess the obvious route would be to mortgage the property in Wales over a 10 year period however, I wonder if anyone can provide any alternative solutions or guidance. Is the procedure the same as remortgaging a property? Nearly all of the guides involve outstanding balances on existing mortgages. I don't have a deposit for the property in Las Vegas, all funds to purchase will need to be taken from the equity. Any help would be greatly appreciated. Thank you.
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