Is it possible to take out a mortgage on ones mortgage-free ppr?

[ArthurMcB]

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!

 

[Gordon Gekko]

Yes, the non-bank lenders such as ICS/Dilosk and Finance Ireland.

 

[NoRegretsCoyote]

Yes, the non-bank lenders such as ICS/Dilosk and Finance Ireland.

Is it correct that you can only access these lenders through a broker?

 

[Gordon Gekko]

Is it correct that you can only access these lenders through a broker?

I think so.

Which is no hardship so not really an issue.

 

[ArthurMcB]

Thanks both!

 

[Sunny]

A relative did it recently with one of the main lenders and no issue. The only requirement was that the family loan was a formal loan agreement and properly documentated with repayment details.

 

[NoRegretsCoyote]

Which is no hardship so not really an issue.

Indeed. Just might be helpful for the OP to know how to access them