We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Raising money on a property owned outright
oysterlover
Posts: 18 Forumite
TahomaIndigo2
Can anyone offer advice on the best and easiest way of using a property which my husband and I own outright (no mortgage or loan) to raise money to buy our daughter a house.We currently rent out the property and shop below. Most lenders seem to think it can only be done commercially, why is this?
Can anyone offer advice on the best and easiest way of using a property which my husband and I own outright (no mortgage or loan) to raise money to buy our daughter a house.We currently rent out the property and shop below. Most lenders seem to think it can only be done commercially, why is this?
0
Comments
-
Not sure why you would want to use the property. Can you not just act as a guarantor for your daughter's mortgage payments?
If you need cash to put down as a deposit then you could look at remortgaging the house & shop as a BTL. As long as the loan is less than the original purchase price you can then offset the mortgage payments against your tax bill for the income you receive in rent.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards