Call us on 0344 346 3672
or arrange a callback

Raising a Buy to let to repay a relative!

Posted on 24 November 2012 by Rebecca


Raising a Buy to let to repay a relative!

My mother in law bought my husbands property off him to allow us to purchase a new property last year. The deeds remain in my husbands name. His mum also leant him some money to help buy the property. We would like to pay her back by taking out a buy to let mortgage on the old property. Is this legal? And possible?

Rebecca,

In essence there's nothing illegal about raising a Buy To Let mortgage on the old property, however, one thing I wanted to query is how your husbands name is still on the deeds, if he sold the property to his mother ? Do they own it jointly ? If you could let me know, then I can give you a fuller answer to your enquiry.

Regards,

Simon

simon.collins@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.


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.