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Buying house at reduced price
langtounboy
Posts: 9 Forumite
I am trying to buy my partners house at a much reduced price than its worth.
It's approx 70% of its value.
I will need a mortgage to cover this purchase but at present I don't have a deposit; it's tied up in other properties.
I can easily afford the payments on a buy2let. The property is let and has long term tenants.
I'm looking for an interest only B2L.
Will the 30% equity in the property count as a deposit?
What are my other options?
Cheers.
It's approx 70% of its value.
I will need a mortgage to cover this purchase but at present I don't have a deposit; it's tied up in other properties.
I can easily afford the payments on a buy2let. The property is let and has long term tenants.
I'm looking for an interest only B2L.
Will the 30% equity in the property count as a deposit?
What are my other options?
Cheers.
0
Comments
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Possibly with some lenders, but it comes down to the details.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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Sounds like it can be done. Could be very tricky however, if you do not currently own a property 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
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