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Using current house as collateral for first time buyer?

mbmatey
mbmatey Posts: 51 Forumite
in Mortgages & endowments
Hi,

I am looking for some advice on my situation.

I have a 50% share in a house with my brother which was gifted to us by our parents.We own it outright and there has never been a mortgage on the property. My brother lives there with friends who rent.

I am interested in getting on the property market myself by buying a property but don't have a lot of money for a deposit and I have heard about possibilities of using my share of the house as collateral towards a deposit. Can anyone explain a bit more about how possible this is and how it would be done?

Could this apply to Buy to Let mortgages as well?

Thanks

Comments

  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Using the property as collateral is not possible.

    You may be able to raise a loan for a deposit against your current property.
    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.
  • mbmatey
    mbmatey Posts: 51 Forumite
    Thanks, perhaps my terminology wasn't right. If anyone has some advice on how this could be done that would be appreciated.

    Thanks
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