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High ltv help
Dave_Power
Posts: 4 Newbie
Hi. My partner and her brother have inherited a house with no mortgage outstanding.
We agreed 150k as a fair price as it needed work doing. This work has now been completed at our expence and the house is now valued at 190k
Because we have given my brother in law some money already we now need to raise 60k to buy him out
We have put the house in our name via land registery
What is the best way to raise these funds? My partner doesn't work (looks after our young kids) and I have a default (paid off in full) on my credit file
Any ideas would be appreciated!
We agreed 150k as a fair price as it needed work doing. This work has now been completed at our expence and the house is now valued at 190k
Because we have given my brother in law some money already we now need to raise 60k to buy him out
We have put the house in our name via land registery
What is the best way to raise these funds? My partner doesn't work (looks after our young kids) and I have a default (paid off in full) on my credit file
Any ideas would be appreciated!
0
Comments
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Given the loan to value, there will be a solution.
How much was the default for and when was it dated?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Hi. I can look it up but approx 1200 2 years ago.0
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If 2 years + you will achieve a better rate than 2 years and less.
Given the overall value of the lending, either way will not have a huge impact on monthly cost.
Likely to need a broker and almost certainly be a fee given the lending value.
I have based the above assumptions on you having owned the property for 6 months, if not your situation will be tougher but still possible.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Yes it's only just going through land reg now..
Nothings easy!0 -
So would it be a homeowner loan or a remortgage?0
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Engage a decent broker, you will pay a premium but you will save in the long run.
Ensure they know you have only recently become the official owner/sI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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