Capital raising on jointly owned property

Posted on 26 February 2012 by andy


I joint own a bungalow with my elderly (76 and 72 years old) parents its worth £250000 and we own it 50% share each outright with no mortgage.

I have £40,000 personal debt which I am finding repayments hard to manage and would like to take out a mortgage to pay this off on the bungalow which my parents agree to, but I have been told by a mortgage adviser that I cannot get a mortgage because my parents would have to be on the mortgage and that they are too old.

Is this correct ?

Andy

Whilst it certainly restricts your choice of lenders, it doesn't mean you can not get a mortgage.  So long as you can support the mortgage on your own and there is no reliance on income your parents we know of at least two lenders who would look at this for you.

Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.

Peter

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