dirtydiesels
Registered User
- Messages
- 3
Hello,
So i had a 3 bed semi in neg equity. We were holding out for a price increase and had planned to build on the familly land. We sold it and my parents helped me clear the balance, approx 20k short to clear the mortgage. I also had a split mortgage on this property from 2013 but it was performing. So property sold and mortgage cleared.
Next we built in the country with a loan from my parents outright. The house is worth circa 450,000 and we are living in it and Im wondering is it possible for me and my wife to borrow 150,000 to pay back my parents some of the loan.
Will the fact that i had a split mortgage go against us and anything else that i should be aware of. I thought since im borrowing a lot less than the value of the house that it would be plain sailing but maybe im wrong???
Any thoughts on how i should approach this?
Ive read about equity release but im only in my early 30's and dont really want to go down that road.
Thanks
Francis
So i had a 3 bed semi in neg equity. We were holding out for a price increase and had planned to build on the familly land. We sold it and my parents helped me clear the balance, approx 20k short to clear the mortgage. I also had a split mortgage on this property from 2013 but it was performing. So property sold and mortgage cleared.
Next we built in the country with a loan from my parents outright. The house is worth circa 450,000 and we are living in it and Im wondering is it possible for me and my wife to borrow 150,000 to pay back my parents some of the loan.
Will the fact that i had a split mortgage go against us and anything else that i should be aware of. I thought since im borrowing a lot less than the value of the house that it would be plain sailing but maybe im wrong???
Any thoughts on how i should approach this?
Ive read about equity release but im only in my early 30's and dont really want to go down that road.
Thanks
Francis