We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What type of mortgage to buy out inherited house?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 7,175 Forumite
Me and my sister both own outright a freehold property 50% each from inheritance.
If I wanted to buy her half, what sort of mortgage would I need, just a normal re-mortgage or is it more complicated than that?
I would want to take a mortgage for enough to buy my sister's half plus a bit more so I can do much needed renovation work. The property is worth less than £60K so it'll be e.g. £30K for the buyout and £10K for renovation works.
If I wanted to buy her half, what sort of mortgage would I need, just a normal re-mortgage or is it more complicated than that?
I would want to take a mortgage for enough to buy my sister's half plus a bit more so I can do much needed renovation work. The property is worth less than £60K so it'll be e.g. £30K for the buyout and £10K for renovation works.
0
Comments
-
Do you own the property, or is it still held by the executor?
If the former, you'll have to own it six months on the land registry before many lenders will lend.
If the latter, you can purchase it from the executor using an FTB purchase product.
Then, yes it's a remortgage to purchase equity and carry out improvements.
The word "renovation" makes me wonder if it's mortgageable...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 -
We have owned it already for a few years so don't need to wait 6 months.
"Renovation" as in it could do with a new kitchen and bathroom and replastering to rid the artex. It is still currently very able to be lived in.
0 -
Is this your main residence ?If so get a norall residental mortage. I never agree with people increasing a mortage to get a kitchen ,bathroom or cosmetic work . You will be paying it for 25 years and it will be a secured loan .Deleted_User wrote: »We have owned it already for a few years so don't need to wait 6 months.
"Renovation" as in it could do with a new kitchen and bathroom and replastering to rid the artex. It is still currently very able to be lived in.
I am the type who takes a personal loan (at a good rate ) and repays over 5 years ."Do not regret growing older, it's a privilege denied to many"0 -
If you (will) live there, a normal domestic mortgage.
If you inten to let it, a BTL mortgage.
If it's a 2nd home, a 2nd home mortgage.0 -
I will be living there. I don't have any deposit to put down and was wanting to use my equity already in the property to use as the deposit.0
-
That's fine.
It's just a normal remortgage.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 -
Is this your main residence ?If so get a norall residental mortage. I never agree with people increasing a mortage to get a kitchen ,bathroom or cosmetic work . You will be paying it for 25 years and it will be a secured loan .
I am the type who takes a personal loan (at a good rate ) and repays over 5 years .
Bit silly if the mortgage rate is lower than a personal loan rate.
Just because it is a 25 year term you don't have to pay it over 25years just pay it over 5years and save that interest.0 -
I got a loan at 3.3% .I had no solicitors fees no survey fees and for me it was cheaper than a mortgage .getmore4less wrote: »Bit silly if the mortgage rate is lower than a personal loan rate.
Just because it is a 25 year term you don't have to pay it over 25years just pay it over 5years and save that interest."Do not regret growing older, it's a privilege denied to many"0 -
I want the mortgage so I can buy my sister's interest in the house, not just for house works. Although the house does need modernising up a bit as it is untouched since the 80s.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards