Gifted property dilemma.... remortgage?

sashybashy

Hi
I am new to this and clueless!
so.... My late grandmothers house has been empty for a year (my Grandpa owns it, no mortgage, and wants it off his hands) sounds simple... however he has 2 daughters that want 'some' money from it.
Me and my partner desperately want it to raise our family but cannot get a mortgage outright to 'buy' the property (we rent our home at the minute)
We have been told as due to us having no savings, him being self employed and the current market we couldnt apply for a mortgage but there's apparently another way...
If the property was gifted to us, valued at 350k we could remortgage/lend off the back of it 120k? 100k to give to the family members. And 20k for renovations?
As i am completely useless and have no clue with mortgages etc, is there anyone who could give me some advice?
Thanks in advance

kingstreet

If you can't evidence affordability for a mortgage for a purchase, you can't evidence affordability for a remortgage.

The calculations are exactly the same.

When he's been self employed long enough and declaring enough net profit to HMRC, consider a concessionary purchase.

Speak to a broker at the time.