Can I raise money on my property to buy a home for my in-laws?

Posted on 23 April 2013 by Heidi


I have a small mortgage on my current home circa (£20k) and wish to remortgage (borrow an additional £140k) to buy the house next door for my elderly inlaws who need to move nearer. My current property is worth circa £220k. Please could you advise if this is feasible?

Heidi,

As long as you can meet the lenders standard criteria and affordability calaculations for the total borrowing, then I can't see why you shouldn't be able to do this.

I'd need a fair bit more information before saying a definite yes, but it's certainly something a lot of people have done.

I think it would be worth having a talk to one of our consultants to get a little more detail on the options open to you. If you'd like to do so, then let me know and I'll arrange a convenient time for one of them to contact you.

Regards,

Alistair

contact@johncharcol.co.uk

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.