Mortgaging a property I already own.

noons12

Hello. New to this forum and any help would be much appreciated.

Two years ago my parents bought me a flat as my salary was not enough to get me onto the London property ladder by myself (whose is?)

It is now time for me to get my own mortgage and pay my parents back.

I called Santander and they rejected me straight away because I told them what the money was for. They said that counts as debt consolidation and they can only lend 35k.

Surely I cannot be the only person to have done this- or atleast borrowed a substantial amount from parents in order to get on the ladder- with a view to paying it back when earning more?

Do I need to lie to the bank about what I am using the money for? Or will other banks accept it? Am I best just going through a broker? We would never have done this if we had known it would be impossible for me to eventually remortgage!

Thanks in advance for any help

Kynthia

So the property is mortgage free in your name?

I'd suggest seeing an independent broker rather than randomly choosing lenders or being economical with the truth. As you're not a standard case it's best an expert helps you choose a lender that will be happy to do this and can possibly help the application along and deal with any hurdles that arise.

noons12

Thank you

cahillg81

Kynthias advice is probably about right but would need much more info than what you have posted to offer any further help.

FWIW you aren't the only person in your situation, but there are far better ways of doing thing and that's why you are best speaking to an expert at the outset who can advise not only what to do in the beginning but how to form a plausible exit strategy in the future.