Tricky Mortgage question

alright

Hi

I currently have a residential mortgage which I obtained before getting married. It will be up for review in summer 2016. The property is coming under a compulsory purchase order at the end of this year, so we are in two minds as to sell it before hand as it will only attract investors, who will want to negotiate a higher selling price with the local council.

I have also a buy to let property which I owned with my mother. She has passed away and left her share to one of my brothers who intends on living in the property, once it is renovated. He is unable to buy me out at the moment as he is studying for his Masters, but will let out one or two of the rooms to pay for my share of the mortgage.

As he intends on living in the property, will we be able to re-mortgage as a residential, even though I have my own residential mortgage?

It gets tricker....

in her will, my mother left myself and another brother a different property, which has no mortgage on this. We grew up in the property and so I will like to get a mortgage and buy my brother's share (he lives out of the city). When the local council purchases my property, my family and I will move into this. In the mean time, can I remortgage the property to buy my brother's share with a residential mortgage?


any suggestions will be appreciated

amnblog

alright wrote: »

Hi

I currently have a residential mortgage which I obtained before getting married. It will be up for review in summer 2016. The property is coming under a compulsory purchase order at the end of this year, so we are in two minds as to sell it before hand as it will only attract investors, who will want to negotiate a higher selling price with the local council.

I have also a buy to let property which I owned with my mother. She has passed away and left her share to one of my brothers who intends on living in the property, once it is renovated. He is unable to buy me out at the moment as he is studying for his Masters, but will let out one or two of the rooms to pay for my share of the mortgage.

As he intends on living in the property, will we be able to re-mortgage as a residential, even though I have my own residential mortgage?

It gets tricker....

in her will, my mother left myself and another brother a different property, which has no mortgage on this. We grew up in the property and so I will like to get a mortgage and buy my brother's share (he lives out of the city). When the local council purchases my property, my family and I will move into this. In the mean time, can I remortgage the property to buy my brother's share with a residential mortgage?


any suggestions will be appreciated

Where you brother lives cannot be re-mortgage as residential in your name if you do not live there.


With the property you grew up in you can buy your brother out with a re-mortgage on your current property - subject to usual factors.


Note for all viewers

Whenever there has been an inheritance of property on which you need to raise mortgages get mortgage advice early.

If properties go into new ownership before you raise the funds you could then be looking at a 6 or 12 month delay before you can mortgage them.

alright

Hi thank you for your reply. What if he lives in the property?