mortgage

ceacea

I am 60 yrs old and have inherited a house along with my sister, my husband and me own our own house and is mortgage free what is the best way to raise 115.000 to buy my sister out so I can put the property up for rent

ItMightBeUsefulOneDay

Why don't you just rent it out as is and split the rental 50:50 between you and your sister?

Done

Do it on a buy to let mortgage. example, approx 4.35% on 115k £417 per month, how much will it rent out for?

getmore4less

Do you know anything about renting out property?

If not do you want to learn now?

Are there other reasons to keep the place?

herbiesjp

The easiest way would be to raise the money on the property you want to let out on a Buy To Let basis - as long as you meet the lending criteria of the bank.

Any

You need to buy your sister out while you don't have that many years of working life left - which in banks eyes would be fall back on in unrented days... Are you sure you want to go down this route?

Why cannot you share with your sister? Would be ideal - no finance needed, you can just start renting.

Otherwise the best way to raise finance would be on the property that is going to be rented out, but not sure what the rates would be and how possible it is overall in current climate..

luckyfool

You should be able to raise up to 75% (subject to rental income) on the property you plan to rent out on a Buy to Let mortgage.