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A older relative has a query re mortgages....he has a house lives in it, pays a small mortgage 110 per month, he was bequeathed a bungalow by his great aunt and it is empty while he ' renovates' it.....he is retired and has been renovating it for the last four years..... what he wants to know is can he use the bungalow to get a mortgage for another house? Not a rental, I think he wants to allow his daughter to move somewhere following a rather bad patch for her and family. He has all the deeds for the bungalow.
Is this possible? Sane? Legal?
Cheers
Yes perfectly legal. some banks lending criteria may restrict what's he trying to do though. pension income is acceptable but may not be enough to get what he's after. also age. max age 75-85 depending on lender.
It would seem to be far more sensible to let the daughter use the bungalow.
Possibly. Would have a restricted choice of lenders at best due to age. Why doesn't he want to just get the bungalow shifted and have cash?
Is anyone living in the bungalow?
If not, and he's spent 4 years tarting it up, the bits he started with may need starting with again...
No idea....not wanting to ask.....he is 59 so not majority old just Batty ...... Any lenders better than others?
Might be advisable to go through a mortgage broker. I got a let-to-buy mortgage on my old flat through a subsidiary of Birmingham Midshires who only deal through intermediaries.