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Mortgage Advice
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jack0412
Posts: 1 Newbie
I am about to buy my first property.
As there was no time to raise a mortgage as it was by auction, I have had to borrow £200,000 off my parents. I am fortunate enough that they are going to gift me £50,000, so I need to repay them £150,000.
Property value is £220'000.
First issue is that I am self employed and only have only one years worth of accounts, but also I have been told I would not be a first time buyer (mortgage-wise) as I technically already own the property.
I need to repay my parents in 6 months time (giving me a bit of time to sort things out).
Any advice anyone could give me would be really appreciated as this doesn't seem to be that straightforward and I don't want to take the wrong route/bad advice.
Thank you
As there was no time to raise a mortgage as it was by auction, I have had to borrow £200,000 off my parents. I am fortunate enough that they are going to gift me £50,000, so I need to repay them £150,000.
Property value is £220'000.
First issue is that I am self employed and only have only one years worth of accounts, but also I have been told I would not be a first time buyer (mortgage-wise) as I technically already own the property.
I need to repay my parents in 6 months time (giving me a bit of time to sort things out).
Any advice anyone could give me would be really appreciated as this doesn't seem to be that straightforward and I don't want to take the wrong route/bad advice.
Thank you

0
Comments
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A broker.
1 years accounts and remortgaging within 6 months of buying is not an easy mix to overcome. It can be, but it is probably not going to be one for a high street lender.
I would not go as far as to say you NEED a broker, but without one, you are probably going to be wasting a lot of time trying to find a lender who will do it.I am a Mortgage AdviserYou 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.0
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