Mortgaging a house I own outright

benish

Hi everyone, 

I’m going through a divorce presently and the family home won’t be sold for a while due to certain reasons.

In the mean time my parents have offered to buy me a house until I can buy it back. I’m thinking of buying this house into my name so that when I ‘buy it back’ I won’t owe stamp duty again. 

Question is, will it be easy enough for me to go out and get a mortgage (probably 90% on a 300k house) to pay my parents back?!

My income makes me more than affordable. 

Thanks 
Ben

dimbo61

Do you have a mortgage on the family home ?
Have your parents got £300,000 sat in the bank ?
Do you have brothers and sisters who might not be happy for the Bank of Mum and Dad to " Give " son £300,000

london21

You will be able to re-mortgage the property classed as an Unencumbered property.

Some lenders only lend after the property has been owned for over 6 months.

Paying  back family is classed as debt consolidation, for example virgin Money do 80% LTV. 

benish

dimbo61 said:

Do you have a mortgage on the family home ?
Have your parents got £300,000 sat in the bank ?
Do you have brothers and sisters who might not be happy for the Bank of Mum and Dad to " Give " son £300,000

Thanks Dimbo.
yes there’s a mortgage on the family home, hence why I can’t get one for this till it is sold. 

Parents are fine and my siblings are fine with the arrangement! 

benish

london21 said:

You will be able to re-mortgage the property classed as an Unencumbered property.

Some lenders only lend after the property has been owned for over 6 months.

Paying  back family is classed as debt consolidation, for example virgin Money do 80% LTV. 

Thank you!! I’ll look into it.