Unusual Mortgage Requirement


P

Phil

My parents currently rent a retirement flat.

I want to buy a flat (with mortgage) - about 100k - and then rent it
out to my parents so I can pay the mortgage.

However:

I can not get a buy-to-let mortgage due to the high deposit (15%)
required.

I can not raise capital on my current mortgage 'cause it's huge
anyway.

What I want to know is - this particular situation seems to me to be
relatively risk-free - the rent/mortgage is guarenteed - is there a
lender or some "scheme" that will help me ??

Ta
 
Ad

Advertisements

M

Mogga

My parents currently rent a retirement flat.

I want to buy a flat (with mortgage) - about 100k - and then rent it
out to my parents so I can pay the mortgage.

However:

I can not get a buy-to-let mortgage due to the high deposit (15%)
required.

I can not raise capital on my current mortgage 'cause it's huge
anyway.

What I want to know is - this particular situation seems to me to be
relatively risk-free - the rent/mortgage is guarenteed - is there a
lender or some "scheme" that will help me ??

Ta

You're not expecting them to get housing benefit?
http://www.housingoptions.org.uk/factsheets/6-renting-accommodation-to-relatives.htm
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top