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Is this house purchase or remotgage?
Nickuk84
Posts: 37 Forumite
Hi
I spoke to a broker today who said to me that he couldn't get me a 90% LTV mortgage due to the house being a remortgage technically.
I have historic adverse issues but that's another story,
My partner owns 45% of a house with her brother who owns 55%.
He would like to sell it, and we would like to buy it.
It requires us getting a 90% LTV mortgage which the broker said he found but as its not a new home purchase but he remortgage that we cant use them.
In my mind its a home purchase as me and my partner are buying the house from her and her brother as house purchase?
Has any one else had any experience with this please?
I spoke to a broker today who said to me that he couldn't get me a 90% LTV mortgage due to the house being a remortgage technically.
I have historic adverse issues but that's another story,
My partner owns 45% of a house with her brother who owns 55%.
He would like to sell it, and we would like to buy it.
It requires us getting a 90% LTV mortgage which the broker said he found but as its not a new home purchase but he remortgage that we cant use them.
In my mind its a home purchase as me and my partner are buying the house from her and her brother as house purchase?
Has any one else had any experience with this please?
0
Comments
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It's not a home purchase, it's a transfer of equity (plus remortgage after that). Your name will be added on the house deeds and on the mortgage instead of her brother's.0
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This type of query is fun as some lenders call them re-mortgages, some call them purchases.
Sounds like you might need to speak to someone else.
Also, do not assume the property will value up given you are so tight on loan to value.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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