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71 year old 1st time buyer looking for £25000 mortgage, help!
emmylou1977
Posts: 2 Newbie
My dad has never owned a property but has seen a property he quite likes and its valued approx £25000. I know most mortgages are for a minimum of more than this. My dad currently rents my old flat from me that i will be wanting to rent out once he has left, but dont currently have a tennent lined up so cant borrow on the property. I also own a house that I live in but have very little equity in this. I would happily get a joint mortgage with him but im not sure I would be any use. Neither of us have much free cash to put as a deposit and wondered if it might be easier just getting a loan? Any advice would be much appreciated.
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You can raise money on a rental property without there being a tenant in place, based on the prospective rent as assessed by a valuer.I am an Independent Financial AdviserYou should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's 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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£25,000 for a property - what part of the UK is this?"You were only supposed to blow the bl**dy doors off!!"0
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I can see a property available for £25k having problems of some description.
What is it and what's it made of?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Good luck if you get a mortgage I am celebrating!!#TY[/B] Would be Qaulity MSE Challenge Queen.
Reading whatever books I want to the rescue!:money::beer[/B
WannabeBarrister, WannabeWife, Wannabe Campaign Girl Wannabe MSE Girl #wannnabeALLmyFamilygirl
#notbackyetIamfightingfortherighttobeMSEandFREE0 -
Obviously subject to income etc, there are mortgage lenders who will do less than £25k (don't know where this idea of lenders not lending small amounts comes from?) his age will be an issue but again there are lenders who will do this.
As Meeper says, raising a BTL mortgage without a tenant is not an issue, so may be an option, alternatively if you have the income, you may wish to buy the property for your dad?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 -
My mortgages are currently through the halifax and I recently wanted to borrow money to do some home improvements as I have about £30000 equity in my flat that my dad rents from me. But they turned me down saying that I didnt have any proof of having a tennant. Ive still got another year on the fixed rate mortgages I have with the halifax so would it mean remortgaging with another company an possibly paying penalties? I wonder if it would be better to just get loan?0
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kingstreet wrote: »I can see a property available for £25k having problems of some description.
What is it and what's it made of?
Exactly what I thought Kings ... I would guess that even if a source of mortgage is located (due to his age), it will fall down or be refused following survey.
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