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Re-mortgage on inherited house?

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  • Re-mortgage on inherited house?

    Hi there, am new to this forum and desperately hoping for some financial advice before I book an appointment with the bank.

    My brother and I have inherited the family house, which is mortgage-free and valued at £300,000. We both want to keep this as an investment (plus we live here) so selling is not an option, however I'm not sure what our options would be if we re-mortgage to buy a second property? Can we? The house was paid-up a couple decades ago.

    Ideally we would like to purchase a flat for the other to move in to. I really don't know what would be the best way forward as far as mortgages go.

    Do we take out a £300,000 mortgage on the house and keep back, say 30k, to use as a deposit on a new place?

    Or should we buy the flat outright and only have one mortgage on the house?

    Really, really would appreciate any advice from people who know a lot more about this than I do.

    Many thanks in advance!!

    Paul

  • #2
    Re: Re-mortgage on inherited house?

    Paul,

    Easiest way is to mortgage the property for £150,000 in one name and give this to one of you to do put into a new property as a deposit. At the same time change the legal title to solely the person who has the mortgage.

    Then you each have a mortgage in your own name and not joint names which can get very complicated in the future and each have a sole legal title on a property
    Adam Long

    www.quickhomeseller.co.uk

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