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Buying flat to rent to daughter
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I have a similar predicament but my daughter is 31 and married with a school aged child.
Their rental house is for sale and we have been given first refusal at a bargain price.
She can only raise about half the required amount as they are both on low wages due to working in the family business.
I want to gift them the other half from equity in my house which is over 400k but dont want to sell for another five years.
I am struggling to find an independant advisor as the only ones I have seen thus far have an agenda or not interested as they wont get the right amount of commission.
What agenda do the mortgage advisers have other than finding you the right mortgage? Your options are to find a lender who will allow you to release £200k of equity or something like the Aldmore Family Guarantee mortgage.0 -
lender who will allow you to release £200k of equity
The OP said that her equity in her own property is over £400,000 but does not say that she wishes to release half of it - she wants to release some of the equity in her property to enable her to gift daughter and husband half of the purchase price of the rented house which they can't afford for themselves?Aldmore Family Guarantee
https://www.aldermore.co.uk/mortgages/low-deposit-mortgages/0
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