releasing equity to get mortgage

glaaab

hello


i new to the forum but need some advise.

my partner who has poor credit has recently been left in a will a 4 bed property which has a lease that runs out in 2036 and is paid outright until then.

We beieve the rental value of the property is around £1200 pcm. W e would like to buy a house and live mortgage free. Question is would we beable to release some of the equity in the property to get a deposit for a mortgage which we could then use the rental income on the leasehold to pay the mortgage?

Also my credit is average as i had a settled ccj 4 years ago and have had a few late payments over the years.

R_P_W

why don't you just sell the house and buy another one?

glaaab

because the lease is short it works out we would get more renting it out in the long run then just selling it

Titanium

Most lenders usually don't lend on properties of short lease. Your best option is probably to apply to extend the lease; if you want to get a mortgage.
Re credit rating, lenders have now tight restrictions on this. I heard a lender refused a mortgage application because the applicant had a single £22 missed payment (which was not his fault) on his Orange contract!