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Private shared ownership?
dickrichie
Posts: 2 Newbie
hi, i wondered if anyone could advise or point me in the right direction.
sorry if there has already been a thread made but i have had a look and cant find anything to help.
the situation is:
i currently rent at my inlaws owned property.
the property is 100% owned and paid by them.
i love the house but would never be able to afford the full value of the property (£330K)
i have been made the offer to purchase a % instead..... the percentage is up to me!!
my question is are there any lenders who would give me a mortgage on a % of a privately owned property?? not housing association?
also it would be great to do some work to the house and work those costs into a mortgage..... is this possible?
i hope this makes some sense!!
any advise appreciated
Thank you
sorry if there has already been a thread made but i have had a look and cant find anything to help.
the situation is:
i currently rent at my inlaws owned property.
the property is 100% owned and paid by them.
i love the house but would never be able to afford the full value of the property (£330K)
i have been made the offer to purchase a % instead..... the percentage is up to me!!
my question is are there any lenders who would give me a mortgage on a % of a privately owned property?? not housing association?
also it would be great to do some work to the house and work those costs into a mortgage..... is this possible?
i hope this makes some sense!!
any advise appreciated
Thank you
0
Comments
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I dont think you will find a lender who will do this.I am a Mortgage AdviserYou 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.0
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thanks.
are you able to re-mortgage a percentage you own?
lets say he gifts me a % and then i remortgage?0 -
You would need to buy the whole property, but they could gift you a percentage.
So £330k purchase price, gifted deposit of £165k means you would need to take out a mortgage for the remaining £165k. Its not really classed as a remortgage as you do not already own the property but I think what you are getting at can be done, just the wrong terminology used.I am a Mortgage AdviserYou 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.0
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