Using a 49% share in my fathers house as capital to borrow for buying another flat.

Mlyon890

Hi folks. New to the forum and looking to see if what im thinking is even a thing/possible at all?

I own a 49% share of my fathers house. This was arranged about 5 years ago when my mother passed away. The house would be worth about £200k and has no mortgage against it.

I already own and rent a flat and also have a joint mortgage with my fiance on our family home.

Im looking to buy another flat and wanting to know if owning the 49% share in that other house will at least help my borrowing power/affordability for purchasing the buy to let or if theres anything that can be done with it.

Thanks for any help. 

Keep_pedalling

Not sure if it would be possible and it certainly would not be without your father’s agreement and frankly it would be foolish of him to risk his security by doing so. 

user1977

Your father could buy out your share and you could then use that cash? Otherwise, no, not really. You can't mortgage 49% of a property.

Mlyon890

Ok. Thanks for the feedback guys. Just wasnt sure if it was possible. My old man would be fine with it. He has another 2 properties on top of that and the risk will be very low from my side. In a very high demand rental area and would be leased through a trusted agency ive used for the last 5 years. I was just hoping that would help reduce my timeframe for buying a second. Looks like i will just have to save up the old fashioned way. 

Cheers.