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Mortgaging a house I own outright
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benish
Posts: 51 Forumite


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.
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
Thanks
Ben
0
Comments
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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 £300,0001 -
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.0 -
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
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!0 -
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.0
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