Mortgage question/scenario (brief)

Veneer

I currently own 50% a 300k property outright with my parents (150k total equity).

I am looking to buy another 300K property with my wife, we have 0 deposit at the moment.

I currently earn 30,000 and have no credit commitments and with a good credit score.

1) Is there a way I can remortgage/release/levarage my half of the current property and use it as a deposit to buy the new place with a mortgage?

I would appreciate any insight or suggestions.

jay1804

The easiest option would be to sell your share of the property to your parents, and use your equity to purchase the new property. Another option would be to take out a mortgage on the first property, however you would have to pay additional stamp duty on the new property.

Veneer

thanks for quick reply - but my parents are old (aroujnd 80), they have no cash and no one is likely to lend to them.

anyway i could just leverage the equity?

MWT

Veneer said:

thanks for quick reply - but my parents are old (aroujnd 80), they have no cash and no one is likely to lend to them.

anyway i could just leverage the equity?

No, can't use equity as a deposit, and with £30k salary you will not pass affordability tests with two mortgages.

Even getting one mortgage for £150k with only £30k salary is pushing it, does your wife have any income?

Is the property you currently own residential (parents living there?) or is it generating rental income perhaps?

... same question for the one you want to buy...