BTL remortgage & transfer of ownership

thomascradberry

Hi there guys,

Ok well the situation is I jointly own a flat purchased in 2004 for £350k with a deposit of 25% on an HSBC BTL mortgage (fixed rate 6.15% until Nov 09).

My father who I jointly own the flat with has said I can take over the flat if I repay his initial outlay of 80k which is certainly an offer I'd like to take up.

Now the property value, after having looked around, on the conservative end of estimates even despite the current market is £450,000.

If I increase the mortgage by 80k bearing in mind the current value it still gives a LTV of 25%. I would love to opt for a residential mortgage but alas my salary multiple is no where near.

I am therefore wondering what my best options are? I discussed this with HSBC in the past and they didn't seem very willing to help. Does anyone have any advice on who best to go to regarding this?

Cheers,
Thomas

Conrad

Thomas

As long as it values up, there could be some options here. It's pretty complex and involved to get into here, so I suggest you find an experienced broker who REALLY knows what they're doing.

Do not allow a credit score to be run until the broker is sure of an appropriate way forward, because you cant undo a score!

One thing to be mindful of is the valuation. On new build flats prices have been hammered. Make sure you call a decent estate agent to get an accurate valuation of what they are actually selling for (not merely on the market).

Also find out an accurate rental figure.