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Releasing capital from a property to buy another - what to do?
aelfc
Posts: 1 Newbie
Hi, im very new to this forum, but it seems good advice is hard to find.
I have inherited a property from my grandparents along with my brother, we each own 50%. Neither of us want to sell the family home (either outright or our share), but i am looking to release some of the capital tied up in the property to buy a house for myself. I am not over 55, so i do not qualify for any of the equity release schemes that i have seen available and i cant quite see what other options there may be out there. I would only be looking for enough to contribute to the deposit (or whatever the best amount is to enable me to secure a mortgage inline with my salary). After a few hours searching the forum, i haven't been able to see any previous threads on this topic, so any information on what options are available to me would be greatly appreciated. Happy to elaborate if it helps.
Many thanks
I have inherited a property from my grandparents along with my brother, we each own 50%. Neither of us want to sell the family home (either outright or our share), but i am looking to release some of the capital tied up in the property to buy a house for myself. I am not over 55, so i do not qualify for any of the equity release schemes that i have seen available and i cant quite see what other options there may be out there. I would only be looking for enough to contribute to the deposit (or whatever the best amount is to enable me to secure a mortgage inline with my salary). After a few hours searching the forum, i haven't been able to see any previous threads on this topic, so any information on what options are available to me would be greatly appreciated. Happy to elaborate if it helps.
Many thanks
0
Comments
-
What do you plan to do with the property?
* leave empty?
* let it?
* one (or both) live in it?
* knock down and redevelop?
* something else?0 -
To answer your question: I am by no means an expert but I believe you should be able to takeout a loan secured against your share of grandmas house and use that as deposit on another. Just make sure you can afford repayments.Left is never right but I always am.0
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