Buy TO Let New Regulated Problem

awhitey

I think the few companies out there that will lend will not lend at there ages so far I have not found a broker that can help they all tend to be high street lenders, such a shame when we do nothing different to other investors.

awhitey

I can take a mortgage for the percentage required but would they not then have to come off the deeds and the house go in my name and then they would not earn an income from the house, is there any other way of borrowing 100k the house is worth over 300k Thank you

Thrugelmir

How much equity is in the property?

awhitey

200,000 equity

Thrugelmir

awhitey wrote: »

200,000 equity

Isn't selling an option then? With that amount of equity should be an arrangement that meets everyone's needs.

ladybabe

silvercar wrote: »

They are only likely to find out if you share a surname. Lenders don't generally research family trees.

That said, it is up to you if you wish to obscure the truth.

or you could be prosecuted for fraud and parents have to sell the property as are in breach of their mortgage contract:(

awhitey

we could sell but then they would not have an income and I would have no where to live

antrobus

awhitey wrote: »

Hi can anyone help I have lived in a property owned by my parents with a small mortgage on for the past 8 years we have an assured shorthold tenancy agreement in place and I pay the current rent I get somewhere to live and they earn an extra income all above board with tax returns until we went to renew with the mortgage works for another three years my parents are 76 and 84 however this was not the problem the problem is that we are related. Can anyone help they will not renew the mortgage and it is due to expire totally in July. It wil make me my adult son and dog homeless and my parents will not have the extra income. Is there anything we can do ?? My parents do not have the funds to pay off the mortgage or is the another way we can keep the property Thank you

I'd have thought the answer was obvious. You borrow the £100k yourself, buy the property with a gifted deposit of £200k. You can then gift your parents their rental 'profit' every month, leaving all of you in the same position as you were before. (Apart from transaction costs.)

minimike2

silvercar wrote: »

They are only likely to find out if you share a surname. Lenders don't generally research family trees.

That said, it is up to you if you wish to obscure the truth.

Oh. Thank goodness. That makes "obscuring the truth" (fraud) OK then!




I think MSE should start considering imposing bans on accounts knowingly encouraging people to commit fraud on these forums. It is REALLY not helpful.

ladybabe

don't understand why they don't sell and then buy a btl property outright with the equity £200k, so still getting rental income etc? or would you not be happier in a smaller home or them renting in the normal rental market rather than to you?