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Remortgage of Home for Dependent Relative

Posted on 24 October 2012 by Kerry


We have a property that is free of mortgage that my partners parents live in, if we wish to release funds via a remortgage on this property to buy a second home for ourselves leaving our parents in the orginal house. Can this be done on a residential mortgage as they do not pay any rent to ourselves.

Kerry,

We could look to proceed on this case under a "home for dependent relative" application, and there are a number of lenders who are more than happy with this scenario.

Naturally we would need further details on the rest of the case, before we could give a definite 'yes', but in priniciple what you are looking to do is feasible.

If you would like to discuss your enquiry in more detail, then please let me know and I'll arrange for one of our consultants to speak to you.

Simon

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