Re mortgage

WayneS_2

Is it possible to get a mortgage on a home you own outright to raise cash to pay off your parents who gave you part of the money to buy the property.
There is no other mortgage on the property

amnblog

The plot thickens Wayne.

csgohan4

That is why money and family don't mix.


If you give money to relatives, don't expect it back, otherwise trouble will stir and tear families apart.

AllyMac

So now instead of gifting the £30K deposit to your daughter, you want to give her the full £95K because she didn't get approved for a mortgage. Then once the house is owned by her, you want her then to apply again for a mortgage so that she can use that money to pay you back some of the money?

Financials aside, if your daughter either isn't mature enough or financially able to rustle up her own broker fee payment, you should let her do a bit of growing up before you get involved in buying her a house.

If you can afford to buy her a house outright - then just do so. If you're hoping to get some of the money back, I really really wouldn't mix money and family. What would be your plan if she then couldn't meet her mortgage payment after paying you back because she also had PDL to repay at high interest rates?

I would say you buy the property and charge her rent.

ACG

In principle, you can raise money against your home for any legal purpose.
In practice, it comes down to your circumstances and the lender of choice.