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Using Equity to Purchase Same Property
UncleMonty_2
Posts: 19 Forumite
Hello, just a quick piece of advice if anyone can help.
I currently own 10% of a property. Can I use that 10% as a deposit to purchase that property?
Ta
I currently own 10% of a property. Can I use that 10% as a deposit to purchase that property?
Ta
0
Comments
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only if you can convert the 10% into cash.
is the other 90% owned by someone else, or is it mortgage?0 -
Only if the value of the home has not fallen as well, you will need well more than the 10% equity unless you want to be put onto a punatitive mortgage rate, if you are currently on a good one.0
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It would be unorthodox, but in principle, there should be no reason why not. You may need to find a lender with some intelligence to do it.UncleMonty wrote: »Hello, just a quick piece of advice if anyone can help.
I currently own 10% of a property. Can I use that 10% as a deposit to purchase that property?
TaHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Sorry I should have perhaps been more clear. The house is paid for, no mortgage, but the ownership is split. I own 10%. The house has been recently valued and is on the market. I would like to purchase the other 90%, could I use my 10% ownership as a deposit on a mortgage. Notwithstanding the issue of actually obtaining a 90% mortgage.0
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Don't see why not, it's not that different from one half of an ex-couple buying the other party out.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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