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buying house off estate to which i am a beneficiary
gmoroder
Posts: 2 Newbie
hi
my situation
live in house worth 160k
it is currently in probate - i will be a 25% beneficiary of the estate
i do not have a deposit but wish to use part of my share against the loan for which the executors are happy
am i able to get an 85% mortgage (136K) based on the house value (160K)
cheers
james
my situation
live in house worth 160k
it is currently in probate - i will be a 25% beneficiary of the estate
i do not have a deposit but wish to use part of my share against the loan for which the executors are happy
am i able to get an 85% mortgage (136K) based on the house value (160K)
cheers
james
0
Comments
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Lenders are generally OK with the situation you describe.
Whether you can get a mortgage is a different question. This will depend on your income, expenditure, credit history etc.
I would get a broker to sort this one out as the usual "computer says no" brain dead call centre staff at lenders direct will not have a clue.
Regards0 -
Yes, subject to the usual income/credit criteria it should be possible, make sure that the lender and solicitor are aware of the situation, and where the "deposit" is coming from.
If you have a 25% share, why do you not need a 75% mortgage?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you own 25% of the property then this could be your deposit. You would need a remortgage to buy out the other owners.
Problem may be that you will not have owned the property for 6 months. Some lenders will insist on owning for 6 months before remortgage.
Speak to a broker when you get the probate sorted out to see if there is a way to proceedI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Buying off the estate trustees might avoid the 6 month ownership issue
You buy 100% off the estate at a price agreed by all the benifitiaries(is that an issue)
You inherit 25% of the net proceeds to the estate as your deposit and fees.0 -
If you own 25% of the property then this could be your deposit. You would need a remortgage to buy out the other owners.
Problem may be that you will not have owned the property for 6 months. Some lenders will insist on owning for 6 months before remortgage.
Speak to a broker when you get the probate sorted out to see if there is a way to proceed
Don't think this will be a remortgage, he does not currently own the property, he is buying it from the estate, so it will be a purchase.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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