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Remortgage on a House received as a Gift - Question
Comments
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Senior_Paper_Monitor wrote: »A valid question Thrugelmir !
I suspect that borrowing to the minimum mortgage level - initially by secured loan (poss bridging loan) then converting to a mortgage (against best LTV due increased value - and at least 6 months down the line) when completed may be best option and leave OP and new spouse well set for their 'new life'.
For most people an unsecured loan would be far less than a bridging loan.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 -
I agree fully Wh05apk - if they can get it (hence my 'poss' as this would be 'worst case', although nice and easy structure designed for this sort of deal) - as would an 'interest free' credit card !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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point taken Senior Paper Monitor... :money:0
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Thinking this one through, GMS's initial suggest of "buying" from parents would seem best, the property will need to be transferred to you anyway, so you may as well traet it as a sale. Many lenders will lend small amounts, although watch out for fees, a further complication would be, it would then be an undervalue transaction, so not sure how the lenders would view this.
I don't think you will be able to get a scured loan, as it would then be first charge, which would make it a 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 -
Buy the place off them, they can gift the cash back to you later.
Get a cheap offset mortgage for a decent amount, more than you think you need, and offset 100% till you need to spend the money.
Have a fairly long term and you thne have easy access to cheap money when ever you want
The smallest mortgage I know of is 10k from First Direct.0
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