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Home equity loan/unencumbered mortgage to repay family gift
TelephoneHome
Posts: 1 Newbie
I have recently completed on a flat, I paid in cash with help from parents with the agreement I would pay them back in full by getting a mortgage. I couldn't secure a mortgage at the time as I hadn't received any pay checks yet. I have now been working for three months and have started to consider taking out a loan or a mortgage on the property. I am looking to take out approximately £115,000-120,000 or about 79-82% of the value of the property. What is the best way to do this? I know very little about mortgages and home equity loans and was wondering if anyone had any experience with a similar situation.
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A lot of lenders will require you to wait 6 months from ownership to mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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There were lenders who would accept a job offer and confirmed start date, so your lack of "pay checks" may have been irrelevant.TelephoneHome said:I have recently completed on a flat, I paid in cash with help from parents with the agreement I would pay them back in full by getting a mortgage. I couldn't secure a mortgage at the time as I hadn't received any pay checks yet. I have now been working for three months and have started to consider taking out a loan or a mortgage on the property. I am looking to take out approximately £115,000-120,000 or about 79-82% of the value of the property. What is the best way to do this? I know very little about mortgages and home equity loans and was wondering if anyone had any experience with a similar situation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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