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Bit of a strange question
loverington
Posts: 44 Forumite
My husband and I are desperate for a home of our own and are currently renting, but I have 2 very young children so currently dont wok and my husband is a self employed gardener only been going for a year, we have 10K saved up for a deposit, but due to the area we are in (petworth) a 3 bedroom house is around £180,000 and the fact he hasnt been working all that long for himself is a factor, however we can afford around £1200 repayments but dont think any mortgage company will touch us. So my question is my father in law has a house valued at £220,00 with no mortgage at all on it anymore, is there anyway we could secure a mortgage using this house as security or something similar, I dont even kow what you would call it, but basically so that we wouldnt need to prove income etc.
0
Comments
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Short answer: no.
There are longer answers, which may, or may not, result in an answer of: No.0 -
The only way you can do it is if your father took out a mortgage on his home and then gave you the cash to buy yours.
You then give him the money each month to repay the loan.
Hell of a thing to ask him to do mind:o0 -
Lloyds are doing some strange mortgage offer I think where they use relatives to guarantee your property.
Has your OH got business records for 3 years showing his earnings?0 -
http://money-news.dailyfinance.co.uk/article/2010/07/07/mortgage_offer_to_help_homeownerspoppysarah wrote: »Lloyds are doing some strange mortgage offer I think where they use relatives to guarantee your property.
Has your OH got business records for 3 years showing his earnings?0
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