I own my home outright, worth about £215,000. I want to buy my daughters house for £126,000 on a buy to let basis by remortgaging my house for this sum?
Posted on 11 July 2015 by John
I do not have a mortgage, I own my home outright it is worth about £215,000. I want to buy my daughters house that is worth £126,000 on a buy to let basis by remortgaging my house for this sum? I would then rent the new property to cover repayment costs.
In theory, I can't see any reason why you shouldn't be able to raise the funds to buy your daughters home against your property, however I'm afraid that your age will limit the number of lenders open to you. The ability to proceed would be subject to you meeting the lenders standard criteria and passing their affordability calculator. You don't mention where your daughter will be living, and it is something that a lender may wish to know.
You can find out exactly what your options are by speaking to one of our consultants on 0344 346 3672 and they'll be able to give you a better idea of exactly what we can do to help.
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