Borrow for house purchase 30 July 2017 at 7:11PM in Mortgages & Endowments 1 reply 448 views

Dude_on

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 with low expenses have £1700 available for repayments.

Q. What 'legitimate and realistic' options are available to borrow the £350k on parents property.?

ACG

Its not the property to secure the loan against that is the issue, you have £600+k equity on the house you are buying.

The issue is affordability.

You would potentially be looking to include one/both parents on the Mortgage as either a joint applicant (probably best avoided due to the additional stamp duty) or as a guarantor. But there are not too many guarantor mortgages around anymore.

I think thats what you probably need to look for or get a broker to do the donkey work for you.