Mortgage to pay parents back?

Steve2018

I'm looking at buying a house at auction but because of the 28 day limit a mortgage seems risky so the plan is I pay 40% of the house in from savings and my parents pay the left over 60% like a bridging loan but with no fees. My problem is can I get a mortgage to pay my parents back? It would be around 60,000 - 70,000 I would need to pay them back

Thanks

elverson

Who would own the property - you or you + your parents?

elverson

http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/how-to-buy-a-house-at-auction/

davidmcn

Difficult to get it quickly - most lenders require you to have owned for at least six months. A broker may help.

Steve2018

Thanks I called L&C and they said it as possible with some but most require 6 month ownership

alex344

Hi, just wondered how you got on with this? We are in the same position except stupidly didn't look into it first so already own the house. Spoke to HSBC yesterday who said they see it as debt consolidation rather than a mortgage and can only give up to £30k loan for debt consolidation! So really hoping you've found someone that will mortgage to pay back parents? Thanks

sivs

Hi, Slightly different, I had a property transferred into my name and was able to borrow straight away.

The lender was Nationwide.