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Obtain mortgage using equity in another property?
Moneywoes1985
Posts: 1 Newbie
Hi, new to this so please bear with me!
I am trying to purchase a property with my wife. joint income is 48.5k pa. my recent credit history is poor and any search will show up drawing cash on credit cards, circa 10k total. Wife's credit is good.
We are looking at a property worth 148k, 90%ltv. I am reasonably certain that because of my history we will get refused a mortgage but my parents are willing to let us secure there home (90k value, 18k mortgage o/s) against our mortgage to help us get it. Are there such schemes available and would it help?
Thanks!!
I am trying to purchase a property with my wife. joint income is 48.5k pa. my recent credit history is poor and any search will show up drawing cash on credit cards, circa 10k total. Wife's credit is good.
We are looking at a property worth 148k, 90%ltv. I am reasonably certain that because of my history we will get refused a mortgage but my parents are willing to let us secure there home (90k value, 18k mortgage o/s) against our mortgage to help us get it. Are there such schemes available and would it help?
Thanks!!
0
Comments
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The property you are buying would be the security.
You need to pass a lenders credit and affordability checks.
Im not judging and just being very generic but I can not think of many good reasons why you would want to withdraw cash on credit cards so you would need to try and overcome that. Im sure there would be lenders who would take a view on it but I think you need to speak to a broker really.I am a Mortgage AdviserYou 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.0 -
where is the 10% deposit coming from?0
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