Can I remortgage?

Ben_GT

I currently have a mortgage but it’s on a ridiculous rate (over 7%) and I’m now looking to remortgage. Unfortunately for my mortgage (not for me!) my situation has changed and I think I’m going to struggle to find another mortgage.

Long story, sorry... Myself and my partner bought her parents house (as they were moving in with a recently widowed parent of theirs) with the intention of moving in. We had a few months to run on our rental and as that finished up the parents situation changed and they no longer needed to move in to care for their parent and therefore the move never happened. A few more months on and we’re still paying the mortgage and letting the parents live in their house rent free as we got the equity in the house when we bought it from them, so it only seems fair.

Now I want to remortgage for a better rate and keep the current situation as is, affordability isn’t a problem as mortgage only 90k and joint income about 70 but the situation is. We can’t do BTL as it’s immediate family, I’m not sure I can remortgage a residential house I’m not living in and finally my other half has a (now settled) CCJ from 2 years ago, hence the heavy current rate.

Am I a lost cause?

Thanks in advance

csgohan4

how does it seem fair you bought the house and you can't live in it because the parents had a change of mind.


It is they that have the equity now and they can afford to move elsewhere, where as you cannot.


The other solution is to move in if you have space, otherwise you are losing out big time.


Alot of lenders don't lend for BTL with relatives in situ.


You need to have a long hard talk with those relatives, as it isn't fair on you that they are living rent free and keeping the money from the sale


Another reason why family and money don't mix I'm afriad