second mortgage for my dad to rent

miss.bee

Hi, I'm new to this but hope someone can help?

I have my own property (value £120k) with a mortgage of £98k. My dad's landlord is looking to sell (at a very good cash price) I have about 10% deposit in cash but my mortgage lender will not advance me any of the equity as they would be looking for ltv of 75%. I am not tied in to my mortgage but dont really want to move as it is only 3%. My dads rental will cover the mortgage payments of anything 5.5% and below and i'm sure he has a good 25yrs left in him yet!

think thats about it...

any advice?
x

Thrugelmir

Simply put. You don't have the money to complete the transaction.

CLAPTON

how much is the property
much much does your father earn
does his wife/partner earn?
how old is your father

how much do you earn

miss.bee

The property is £100,000.
My dad earns around £30k.
He doesnt have a partner.
He is 55.

I earn £44k