Can this be done? (Remortgaging and BTLing palava)

Bossypants

Hi everyone, thanks for the replies, and apologies for not being clearer in the initial post.


jennifernil - the idea of my parents acting as 'lender' was floated in one point, but I think we are all a little uncomfortable at me being indebted to them longterm, even if it would be in everybody's financial interest. I will be looking into taking the highest LTV on an interest-only basis, though, at least initially, to be reviewed once everything is settled.


Also, as there were several people who seemed concerned, I just wanted to confirm that everything is being done above board and the evidence will be available to anyone who requests it (assuming that they legitimately need it). There is no desire to fly under the radar here, by anyone, the purpose of this roundabout exercise is purely to give me a much-needed edge when buying in an enormously competitive market.

jennifernil

No need to feel uncomfortable if you do it on a business basis.

They would place a charge on the property and you would agree terms, have it all drawn up by a solicitor.

The arrangement fee on a BTL mortgage can be really substantial, so you would save a lot.

It works well, I have done it for my daughter.