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I own half a house!
jive1955
Posts: 4 Newbie
My mother died in February, leaving me owning half her/my home. The other half is left to my two siblings. I would like to stay in the house, and buy my siblings out. But the only way to raise the money is by a buy-to-let mortgage. It is six bedrooms, two kitchens, three receptions so I could easily let out half and it would pay the mortgage. But no-one will lend the money while I live here. Any ideas please?
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Comments
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Why is the only way to raise the money a BTL mortgage? Why can't you get a residential mortgage with a 50% LTV to buy your siblings out?0
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Why is "the only way to raise the money is by a buy-to-let mortgage?"
Insufficient income for a residential remortgage to purchase the equity?
A BTL won't work because that is based on the property being let and you not living in it.
You can't get a residential using lodger income you aren't receiving yet as you can't evidence it.
Best bet may be to sell and take the cash you realise for something else more suitable.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I can't get a residential mortgage because my income is not high enough. Might have to sell after all.0
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Do your siblings want/need the money?
An alternative solution, at least initially, might be for you to rent their half share from them. ie they retain their half share, but you pay them rent to live in the house.
You could then get lodgers in to help fund the rent payments.
You might then be able to buy them out at some time in the future.0
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