remortgage hopefully

east_coast_diki

Hi there in December 2010 my daughter borrowed £10k from me to by her new flat, my question is how long does she have to be in her flat before she can remortgage ? as she needs to pay me back the money she owes me. ore is there any better opptions she can take regarding borrowing £10k from a lender ? hope it makes ome sence, Dickie.

sockpuppet

six months as far as I am aware before you can remortgage

Thrugelmir

Is your daughter in a position to remortgage?

east_coast_diki

Thrugelmir wrote: »

Is your daughter in a position to remortgage?

thanks for your reply, when you say is she in a position to remortgage what do you meen ? can she afford it ? if thats what you meen. regards Dickie

kingstreet

She needs enough equity in the property to remortgage and give you back what she owes you.

ie if she bought for 100k with a 10k deposit borrowed from you, she'll have to wait until the value is at least 110k so there's enough equity for her to borrow upto 90% again.

Then £100k purchase, £10k deposit = £90k mortgage (90%)

Now £111k value, £10k to repay to you = £100k mortgage (90%)

The loan to value determines when she can do this and that's based on the value and the outstanding mortgage. The longer she leaves it, the lower the existing mortgage, so the lower the value needed.

east_coast_diki

kingstreet wrote: »

She needs enough equity in the property to remortgage and give you back what she owes you.

ie if she bought for 100k with a 10k deposit borrowed from you, she'll have to wait until the value is at least 110k so there's enough equity for her to borrow upto 90% again.

Then £100k purchase, £10k deposit = £90k mortgage (90%)

Now £111k value, £10k to repay to you = £100k mortgage (90%)

The loan to value determines when she can do this and that's based on the value and the outstanding mortgage. The longer she leaves it, the lower the existing mortgage, so the lower the value needed.

thankyou verry much for your wisdom and time replying, all i can do is tell her what you have said regarding your figures and with abit of luck i should be able to recoup my money back,
fingers crossed of course, regards Dickie

Simon_gloster

If she does remortgage there are many lenders that limit you to 80% of the value if you are changing lenders and raising money at the same time.