Hi,
Here is the theoretical scenario.
At time of buying ppr it was not possible to get a mortgage due to being in a new job. Had 75% equity needed 25% and borrowed it from family with the intention that once in new job long enough a mortgage could then be taken out to pay back family member.
Is this possible to do? Would banks give ab approx 25%ltv mortgage secured on ppr so as to pay someone back? Assuming all other factors are ok for the bank to lend.
Thanks!
Here is the theoretical scenario.
At time of buying ppr it was not possible to get a mortgage due to being in a new job. Had 75% equity needed 25% and borrowed it from family with the intention that once in new job long enough a mortgage could then be taken out to pay back family member.
Is this possible to do? Would banks give ab approx 25%ltv mortgage secured on ppr so as to pay someone back? Assuming all other factors are ok for the bank to lend.
Thanks!