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Raising funds for house purchase
Dude_on
Posts: 2 Newbie
Aged 45 and With £600k realised from the sale of principal residence and £25k savings, am looking to purchase property valued at £950k. Obviously shortfall of approx £350k (also not stamp duty, etc). But as income gross is approx £30k self employed, very little borrowing power from mortgage lenders. Retired parents who are willing and understand the risk to secure own residnce valued at £400k as have other property worth £250k and even though my income is £30k I have 'additional resources' in order to repay £1700/month.
Q. What 'legitimate and realistic' options are available to borrow the £350k on parents property.?
Q. What 'legitimate and realistic' options are available to borrow the £350k on parents property.?
0
Comments
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banks lend on income not security
I would have a think about declaring where the £1700 comes from, if it is legal2021 GC £1365.71/ £24000 -
Declare your maximum income / minimum expenses and you would have to pay a massive tax bill. This is the self employed problem.0
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