Hi Milly,
Yes this is possible. You can structure this in two possible ways:
1. Your sister and you borrow against the property. You and your husband then use this as a deposit to buy a new property.
2. Your sister agrees to guarantee the loan for your husband and you to buy a property.
In both options your sister needs to agree to you using the property as security as she is a part owner. In both cases you can buy a home with no deposit.
If you like give one of our mortgage brokers a call and we can go through the options with you in more detail. In most cases option 2 would be better as it is quite simple. A few things such as your future plans with the property you current own (sell / keep it?) and if remote location may affect which bank is best.
Using inherited property as equity
- Otto Dargan
- Mortgage Specialist
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- Joined: Sat Sep 06, 2008 5:55 pm
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