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Parent Equity Release / BTL / Remortgage?
djsnakehipschris
Posts: 42 Forumite
Hi Everyone,
My mum would like to help me get onto the property ladder. She has £100k in equity in her house, and we would like to know the best way to release some of that for a deposit for me of up to £35k.
What options are there of achieving this? A homeowner loan secured against her property, or a BTL mortgage on the new house, or remortgaging the original home? What would be the effect on her mortgage payments if she were to remortgage?
We have discussed the issues around commitment and fully understand these, and that I would be liable for all fees and additional charges and would pay the mortgage on the new house, either in my name or through my mum e.g. as a tenant.
Any advice would be greatly appreciated.
Thanks,
Chris
My mum would like to help me get onto the property ladder. She has £100k in equity in her house, and we would like to know the best way to release some of that for a deposit for me of up to £35k.
What options are there of achieving this? A homeowner loan secured against her property, or a BTL mortgage on the new house, or remortgaging the original home? What would be the effect on her mortgage payments if she were to remortgage?
We have discussed the issues around commitment and fully understand these, and that I would be liable for all fees and additional charges and would pay the mortgage on the new house, either in my name or through my mum e.g. as a tenant.
Any advice would be greatly appreciated.
Thanks,
Chris
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