Hi,
Me and my sister are both beneficiaries of a property which is currently being held in trust. The property was originally owned by my grandmother (who is still alive and living in the house) and pays rent on the property to the trust. The house has been held in trust for the past 21 years. There is also no mortgage on the property at all.
I am now looking to raise some extra money for a deposit on a residential property for me to live in. I have saved £15,000 and need another £25,000 to give me a deposit of £40,000.
I work full time earning approx 20k a year.
My questions:
Is there a way I can burrow the £25,000 against my half of the house that's held in trust? Who's permission would I need to get?
Would having a £25,000 buy to let mortgage effect how much I can burrow on my residential mortgage?
Any other suggestions would be much appreciated.
Read more: Remortgaging house held in trust as buy to let to raise money for Residential Mortgage?
