Can I get a remortgage on a house that has been sighned over to me?

Hsilverthorn

Hello

My mother and father have recently signed over their house to myself which was officially completed through a solicitor.

I would now like to take a mortgage out on the house which currently is mortgage free. Can any one let me knownwhat the process is and as I'm newly self employed can I get a mortgage as I will not have a fixed income? I alsonhave my own house that I own with a 50k mortgage against a house value of £250k.

Please help me x

TonyMMM

You will need to show an income capable of supporting that mortgage .... are you parents still living in the house , and are they paying you rent ? This may be an issue because, a mortage lender is going to want to know that in the event of a problem, they can take possession of the house easily.

Why not take out the additional mortgage against you own property (you have £200k equity ?)

Conrad

Yes it's possible in theory but there are many legal and lending roadblocks to catch the unwary out. As an example a lender may want thier solicitor to confirm things about who is to live in the property - one wrong word from you and the deal will die.

getmore4less

Why get a mortgage on this house when you have enough equity on your own to get a decent deal.

What was the purpose of signing over the house?

You have assets of £200k in one house what this other one worth, more than £125k you have a potential IHT liabitity if you die unless you are married or own the properties jointly.