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Green.Lander
Posts: 91 Forumite
Hello, can you good people help me?
Both of my daughters (25/26) purchased a house 3 years ago at £364k. They put down slightly over 10%. so Mortgage on around £320k. My youngest daughter changed her mind and 1 year later and i bought her out of her share £18k. My eldest daughter can afford the full fix term mortgage on her job with the help of a friend she is letting a room to. Now the issue - the fix term ends soon and the youngest daughter wants off the mortgage. I doubt that any bank will lend eldest around £300K on her salary even through she has never missed a payment. She loves the house it may have increased slightlly but not much but the problem is how do i help her keep the house as i do not have the funds the make up the shortfall?
Both of my daughters (25/26) purchased a house 3 years ago at £364k. They put down slightly over 10%. so Mortgage on around £320k. My youngest daughter changed her mind and 1 year later and i bought her out of her share £18k. My eldest daughter can afford the full fix term mortgage on her job with the help of a friend she is letting a room to. Now the issue - the fix term ends soon and the youngest daughter wants off the mortgage. I doubt that any bank will lend eldest around £300K on her salary even through she has never missed a payment. She loves the house it may have increased slightlly but not much but the problem is how do i help her keep the house as i do not have the funds the make up the shortfall?
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Comments
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@green.lander If your younger daughter wants out and the elder one can't meet affordability (as per lender calculations) for 300k borrowing, and you don't have funds to provide, then a joint borrower sole propreiter mortgage may be one option. This basically uses your income to boost affordability. It's important to keep in mind that you will be jointly responsible for keeping up mortgage payments.How realistic it is will depend on your income, your age, and the rest of the numbers stacking up.
I am a Mortgage Adviser - 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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For a remortgage tgere are a very small handful of lenders who will use lodger income as an income source0
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