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Mortgaging a house I own outright

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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

Comments

  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    london21 Posts: 2,142 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    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
    benish Posts: 51 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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
    benish Posts: 51 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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. 
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