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Retired remortgage
thecrazy1_2
Posts: 78 Forumite
Hi
My dad is 69 and owns two houses both mortgage free. One is jointly owned with my mum and the second is sole ownership, this one he rents out. As he lives apart from my mum he would like to purchase a small bungelow. Can he remortgage the let property if so will he get the full value of the house? I know most people would say sell the house However, he is keen to keep this as a family home for me and my brother. Plus I currently live in the house and pay him rent.
Thanks for any anvice
My dad is 69 and owns two houses both mortgage free. One is jointly owned with my mum and the second is sole ownership, this one he rents out. As he lives apart from my mum he would like to purchase a small bungelow. Can he remortgage the let property if so will he get the full value of the house? I know most people would say sell the house However, he is keen to keep this as a family home for me and my brother. Plus I currently live in the house and pay him rent.
Thanks for any anvice
0
Comments
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He may be able to remortgage it (is he working?) but it's certainly one for a broker.
He won't get anywhere near the full value of the property, max LTV for buy to let is typically 80%, sometimes 75%.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, 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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