Can I temporarily borrow enough money against my home to buy my parents a house?

propertyrich_cashpoor

Hi, I'm in a bit of a tricky situation and am looking for a solution, I'm hoping someone can give me some advice. My parents are selling their house in France and their buyer has postponed the purchase because the value of the pound is terrible at the moment. In the meantime they've found the perfect house that they want to buy in the Uk for £300,00. Their buyer is saying they will purchase it when the pound recovers but I'm sure the UK house will be sold by then. 
I'm crazy lucky in that 15 years ago I bought in a then rough part of London and now have a home that's just been valued at £750- £780,000. I have a £150,000 mortgage on it- interest only- that's got 5 years left and I don't want to sell my home. On the other hand I'm self employed, my income hasn't been anywhere near enough to get another mortgage and I have no cash. I've got a LTD company and have been paid the minimum for the last few years while investing everything back into my business.I have a brilliant credit score though- 999 out of 999 so that side of things is fab. 
I'm wondering if I can somehow borrow the £300,000 against my home and pay it back when they eventually sell their house? So I would owe a total of £450,000 against my £750,000 house- which is 60% of the value. I'm 44 so I don't think I'm eligible for an equity release. 
Is this possible at all does anyone know please? I really have no idea how any of this works. 
Thank you!

[Deleted User]

With a low income, existing high debt and perhaps a patchy or thin credit history, I can't see there being much chance 

HampshireH

What would happen if the buyer in France disappears and doesn't fulfil their commitment to buy when the pound recovers..........and that could be a long time potentially

Thrugelmir

Seems as if your buyer simply wants a bargain. Given they'll buy in €. Your parents will lose out in the exchange rate. 
Selling overseas property is often problematic. Bite their hand off now and reduce the price. 

amnblog

Yes, you can technically do this but.
You won’t like the rates.
You don’t want to be relying on a sale in France to get the lending repaid.

Your home will be at risk.