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Mortgage for parents house
1trainer1
Posts: 1,028 Forumite
My elderly parents live in a house I own and I need to remortgage, when I bought the house I lived there with them but I have moved out as I now live with my partner in our house that we jointly own.
How do I get around to remortgaging as it is not a buy to let as I don't charge them anything to live there, they pay the bills but don't pay me any rent as I don't want it or need it from them.
Every time I go through mortgage applications it asks if I live at the house and if I say no them some they all say i cannot remortgage.
anyone done this or does this????
How do I get around to remortgaging as it is not a buy to let as I don't charge them anything to live there, they pay the bills but don't pay me any rent as I don't want it or need it from them.
Every time I go through mortgage applications it asks if I live at the house and if I say no them some they all say i cannot remortgage.
anyone done this or does this????
Blessed on 18th February 2014 at 0814 with little Sarah xxx
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Comments
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You need a mortgage broker to resolve this for you.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 -
why do you NEED to remortgage.
most cases it is WANT to remortgage.
no on-line retension products from current lender?0 -
Do your parents have a financial interest in the property? Was it their property before you bought it from them. As one presumes that have a life interest in living in the property.0
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getmore4less wrote: »why do you NEED to remortgage.
most cases it is WANT to remortgage.
no on-line retension products from current lender?
need to Remortgage as I am on standard SVR which is 3.99% compared to a lot of mortgage deals banding around the 2.29% or higher which will save me over £150 a month on interest.
Common sense says remortgage as I'm not rich enough to be paying interest for no reasonBlessed on 18th February 2014 at 0814 with little Sarah xxx0 -
Thrugelmir wrote: »Do your parents have a financial interest in the property? Was it their property before you bought it from them. As one presumes that have a life interest in living in the property.
No Financial interest in the property from my parents, I am fortunate enough to be in a wall paid job that me and my wife can afford to help them out.
They have struggled a few years ago with my father being out of work and illness for both parents.
It is something that I just want to do and something I feel fortunate enough to be able to help them in their time in needBlessed on 18th February 2014 at 0814 with little Sarah xxx0
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