Borrow for house purchase

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.?

Replies

  • ACGACG Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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