Best way I can get a large mortgage for half an inherited house?

terrydactil

I am due to inherit half a large house in the not too distant future (from my grandmother who has a terminal illness). I have promised my grandmother that I will do my best to buy and keep it in the family, as her father built the house. It is worth £400,000 at current prices.

Problem is, I have to buy the other half from my sister, as already agreed with her. I have £30,000 of the £200,000 I have to pay her saved already, but as I only earn £23,000 p.a, I think I stand no chance of getting a mortgage for the other £170,000, even though it is only about a 40% mortgage.

Does anyone have any suggestions for what I can do? I'm not in any hurry to live in the property, so I wondered if I could get a 40% buy-to-let mortgage, which I presume would not be based so much on my salary but on the rentable value of the property, which would be about about £16,000 per year. But I know nothing about buy-to-let mortgages other than they have been severely restricted in recent times.

Would this be possible, or are there any other ways to do this? Thanks

HelpWhereIcan

If you will not be living in the property until your income is enough, you should be able to get a Buy to Let mortgage based on the figures you have posted. i.e the rent should cover the mortgage by enough to satisfy most lenders.

However, your exact options will depend on whether you own another property and whether you have a spouse/partner who could go on the mortgage with you to take your household income above the £25k to £35k that some lenders require.

Speak to a Whole of Market broker

herbiesjp

At that LTV you will be fine.

With that rental income you will be fine.

The only thing that will "limit" your options is your income - as it is below the minimum income in their criteria.

However you will find lenders that should be happy to agree that for you.