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Could you help me with a solution please?
Floxxie
Posts: 2,853
Forumite
I currently have a property in England on a residential mortgage. I am unable to get consent to let but the property is currently rented out with the lender's knowledge.
I would like to convert the mortgage into a Buy to Let, removing my ex-husband and having a relative become a joint owner. I have an income but it is not from employment. The relative earns substantially more than £25k p.a.
I would like to take £50k out of the equity to use as a deposit on a house in N.I. The relative has offered to be a joint signatory on this mortgage too. The question is, is this possible? They have their own house already.
What possible options are there (apart from saving up for a few years and buying without a mortgage?)
TIA.
I would like to convert the mortgage into a Buy to Let, removing my ex-husband and having a relative become a joint owner. I have an income but it is not from employment. The relative earns substantially more than £25k p.a.
I would like to take £50k out of the equity to use as a deposit on a house in N.I. The relative has offered to be a joint signatory on this mortgage too. The question is, is this possible? They have their own house already.
What possible options are there (apart from saving up for a few years and buying without a mortgage?)
TIA.
Mortgage start September 2015 £90000 MFiT #06
0
Comments
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possibly - engage a good mortgage broker, you are moving from a minefield to a full blown warzone.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Echo above, managed appropriately this should be achievable
Good luckI 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 -
Thank you both. I did have a quick chat with a broker who seemed to think it was doable but I was left wondering whether, as she did not actually tell me the solution, she was just saying it to give me hope.
Would I end up with a BTL on the property in England and a residential in NI (with relative having a second residential)?
I understand there are all sorts of legal and tax matters to consider.Mortgage start September 2015 £90000 MFiT #060 -
Depending upon the absolute detail, yes this is achievableI 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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