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Remortgage parents BTL to build in my garden?
Hello
My parents currently have a BTL property, value of £375-400k with no mortgage, yielding £15k gross per annum. They have pension income of approx. £40k on top of this.
My wife and I have a plot of land at the side of our house, that could get PP quite easily for a 3 bed detached. Cost to build would be approx. £300k
Could my parents get a mortgage on their BTL property for £300k for the build costs?
The new build will be in the names of my wife and me.
Possible?
If so, which bank / broker should we use?
Comments
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Hi there, you could potentially do this yes. I would recommend a whole of market broker as we have access to all lenders - high street and specialist and a good broker can guide you to the right product and get you the right mortgage to suit these requirements.
We are Mortgage Advisers
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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Is your current property mortgaged?0
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Thrugelmir said:Is your current property mortgaged?
Yes, and we dont want to take out any more on it
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