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.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Re-mortgage advise please!
waring192
Posts: 16 Forumite
Hello,
So my partner and I have been accepted a offer on a development project. Its been structurally surveyed and all is good. It needs modernising and central heat etc put in. It would be a first time buy for both of us.
Il self employed and my partners income is slightly on the low side but we bring in around £30k per annum.
My family has various properties, commercial and residential which are owned by my grandmother (there is only my grandma, mother and myself left after the recent passing of my grandpa).
Both my Grandma and mother are both happy in principle to help out. My partner and I have around £10K deposit plus £5K for renovating over a period of 6 months. An offer of £92,000 was accepted and the semi next door went for £125,000 just over a year ago. The previous owners were elderly and hence the house need some work on it, cosmetically.
We were going down the route of buying ourselves but one property my family owns is valued at £370,000 and brings in around £24,000 per annum for our estate. Its my grandma's and she is 86.
We had the idea of giving one years repayments (£5400) plus paying the legal fees ourselves for her to re-mortage the property for £105,000 which would allow us to turn the property around quicker.
Family are very supportive but I'm worried that a lender wouldn't be interested due to her age? She is happy to change the deeds but was wondering if anyone knows of a lender that would be happy to lend the amount due to it being a quick as possible turnaround without to high early repayment fees?
Many thanks for any help in advance.
So my partner and I have been accepted a offer on a development project. Its been structurally surveyed and all is good. It needs modernising and central heat etc put in. It would be a first time buy for both of us.
Il self employed and my partners income is slightly on the low side but we bring in around £30k per annum.
My family has various properties, commercial and residential which are owned by my grandmother (there is only my grandma, mother and myself left after the recent passing of my grandpa).
Both my Grandma and mother are both happy in principle to help out. My partner and I have around £10K deposit plus £5K for renovating over a period of 6 months. An offer of £92,000 was accepted and the semi next door went for £125,000 just over a year ago. The previous owners were elderly and hence the house need some work on it, cosmetically.
We were going down the route of buying ourselves but one property my family owns is valued at £370,000 and brings in around £24,000 per annum for our estate. Its my grandma's and she is 86.
We had the idea of giving one years repayments (£5400) plus paying the legal fees ourselves for her to re-mortage the property for £105,000 which would allow us to turn the property around quicker.
Family are very supportive but I'm worried that a lender wouldn't be interested due to her age? She is happy to change the deeds but was wondering if anyone knows of a lender that would be happy to lend the amount due to it being a quick as possible turnaround without to high early repayment fees?
Many thanks for any help in advance.
0
Comments
-
Seems as easy to buy the property yourselves.0
-
It does seem like the easier option so to speak but being self employed does not help with lending.
We have talked about it (my family, partner and myself) all agree on remortgaging one of the properties and borrow more than the asking price to renovate.
Like I mentioned, one full year of repayments would be put into the family estate and all fees etc would be covered by us.
Im just looking for a bank/society who don't change 2pc or more on a sale under a year and also one that uses the property value as security.0 -
The market is not geared up for this and there are multiple complications.
Buy yourself on a standard mortgage.
If the family have some cash to help fine. If not, stick to what you can arrange yourself.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards