Call us on 0344 346 3672
or arrange a callback

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.

John,

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.

Regards,

Simon

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.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.