F
familyman
Guest
Hi there, looking for some avice as to what way to proceed.
Father-in-law owned a site near the coast, 3 way split on cost of investment build only 2 years ago, house owned by Parent-in-laws, Brother-in-law and myself, nothing signed. I am now in a situation where we could do with releasing some equity. Parent in laws also have another residence which is the principal, no mortgage on either of the 2 residences. Parent-in-laws are 64 and 61.
Everyone is in agreement to raise some equity, but what is the best way to go about it?
I'm not gone on Seniors money or Ship or any of those products, was thinking more in the line of interest only mortgage. The cost of the repayments to be covered by the 3 parties.
When the time comes the house will be split 2 ways, brother-in-law and myself, same as the PPR.
I have less than 40% loan to value on my PPR, but I dont think that will come into the equation.
Like the idea of interest only option, any opinions?
Father-in-law owned a site near the coast, 3 way split on cost of investment build only 2 years ago, house owned by Parent-in-laws, Brother-in-law and myself, nothing signed. I am now in a situation where we could do with releasing some equity. Parent in laws also have another residence which is the principal, no mortgage on either of the 2 residences. Parent-in-laws are 64 and 61.
Everyone is in agreement to raise some equity, but what is the best way to go about it?
I'm not gone on Seniors money or Ship or any of those products, was thinking more in the line of interest only mortgage. The cost of the repayments to be covered by the 3 parties.
When the time comes the house will be split 2 ways, brother-in-law and myself, same as the PPR.
I have less than 40% loan to value on my PPR, but I dont think that will come into the equation.
Like the idea of interest only option, any opinions?
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