Mortgage on a property I own outright, although I live abroad.

Angela_Saunders

Hi is there any company that will give me a mortgage on a property I own outright as just inherited it but my auntie is going to rent it from me long term.therefore giving me an income to declare from it. Also I live in France so guess this will be another issue.
Seems crazy I might not be able to access money in the house other than selling it.
Thanks for reading.

ACG

There is potential however I am not sure if your aunty renting it would scupper that potential.

You will really struggle with this, I can only think of 2 lenders who would consider it.

Thrugelmir

Why do you need a mortgage if you own it outright?

Angela_Saunders

Hi, basically I need some capitol from the house with retaining an investment for future. I have a possibility here in France and need X amount . Perhaps 40% of the house value as I guess a mortgage, surely the rental will cover buy to let type mortgage.
Thanks again

Angela_Saunders

The Aunty bit is official and secure rental with contract , assuming it helps.

ACG

You meant your aunty could not be evicted?

Most BTLs do not allow relatives to live in the property, im not sure if the 2 lenders I can think of would allow it. However if your aunty has a contract that basically says she can live there until the day she dies then I think you would be best knocking it on the head now and saving your time.

Thrugelmir

Angela_Saunders wrote: »

surely the rental will cover buy to let type mortgage.

And if there's no income? Chasing you in France for payment is a costly and time consuming exercise. Simply not worth the time and trouble. Unless the interest rate charged covers such a scenario.