rogeroleary
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I was talking to a mortgage advisor yesterday in relation to financing an investment property I'm looking at. I already have a buy to let with a smallish mortgage on it, I also have a smallish mortgage on my own home.
In addition to these about 2.5 years ago I invested 110k into a house with my daughter which she lives in (and pays the mortgage) because a) I wanted to get her on the ladder and b) I wanted her to go for a short term mortgage ie. 15 years.
My daughters house is worth around 300k with a mortgage of > 120k on it thanks to the terms being only 15 years (with 12.5 remaining). However, apparently because my name is on the mortgage it is assumed that I have full liability for this mortgage apparently.
So the mortgage advisor has ask if I had considered the option of requesting the lender to remove me from the mortgage on my daughters house, as my daughter may have an income sufficient to carry this commitment on her own now.
If that's possible I think it could be very helpful, but I want to make sure there are no unintended consequences. Although the house has risen in value over the 2.5 years I am only interested in getting my 110k back (at some stage).
Any views on whether the bank would agree to removing me from the mortgage given the very low LTV on her house now?
Roger
In addition to these about 2.5 years ago I invested 110k into a house with my daughter which she lives in (and pays the mortgage) because a) I wanted to get her on the ladder and b) I wanted her to go for a short term mortgage ie. 15 years.
My daughters house is worth around 300k with a mortgage of > 120k on it thanks to the terms being only 15 years (with 12.5 remaining). However, apparently because my name is on the mortgage it is assumed that I have full liability for this mortgage apparently.
So the mortgage advisor has ask if I had considered the option of requesting the lender to remove me from the mortgage on my daughters house, as my daughter may have an income sufficient to carry this commitment on her own now.
If that's possible I think it could be very helpful, but I want to make sure there are no unintended consequences. Although the house has risen in value over the 2.5 years I am only interested in getting my 110k back (at some stage).
Any views on whether the bank would agree to removing me from the mortgage given the very low LTV on her house now?
Roger