Own 50% of property - want to buy other 50%

chuck83

Hello,

Thanks for taking the time to read my post

So myself and a relative own a property which is mortgage free - we both have a equal share., and I want to by buy my relatives share so I own 100% of the property.

Now to raise monies for the buyout i intend to apply for a mortgage. My question is around LTV and deposits. As i already own 50% of the property I was under the impression that because i already have equity in the property i wouldn't need to put down said deposit?

So the house is valued at 240k, I need to raise 120k, so the naive part of me thought I could just get a mortgage for 120k. However having just had a brief chat with a mortgage advisor he said i would still need a deposit. Is that correct?

Cheers

G_M

I'm surprised.

Why not ask on the mortgages board here?

chuck83

Thanks for your reply.

Yes sorry newbie mistake, I should have posted in the mortgage area.

Having spoke to yet another mortgage advisor, I think the first must have misunderstood my requirements as it is actually a remortgage i require as i already have equity in the property.

Anyhow, thanks again