Is a mortgage possible in this case.?

Question

My flat is worth £150000 with no mortgage.My Uncle's flat is worth £100000 with no mortgage again.We want to sell to each other(I sell my flat to my Uncle and he sells me his as he is needing a bigger flat.How can he pay me the diffrence (£50000) as he only earns £12000 per year,Is there a mortgage out there to deal with this situation.

Answer 1

The best he is likely to get at the moment is 3.5 times income.

The "situation" that you refer to doesn't exist as far as the lender is concerned. It is just a straightforward purchase from you.

Answer 2

Secured Loan on his property and that's it

http://www.equityloan.tv

or

http://www.financecomparator.co.uk/secur...

All the best

Regards

J.

Answer 3

with a 12,000 income he will get a mortgage of approx 42,000.  if he shops around then he might be able to get one for 50,000.

easiest way to do it is for him to sell you his flat for £10,000 and you to sell him yours for 60,000 (mortgage companies like to see him putting something in himself. if you did it for £1 and 50,001 then he would be after a 99.99% mortgage - if he can get a 1005 mortgage then do it for the quid, but realistically he is not going to get 4.2xincome and 100%)

then you both got to pay a couple of thousand in legal fees to solicitors.

Answer 4

You can put your uncles name on your flats deed (as addition) and he can do the same regarding you. Then you can take your name off your flat deeds and he can take it off his off his flat deeds. Solicitor will advise you regarding the fees etc. There are lenders who will lend him 50 k on his income, but they charge a very high interest rate. You can always have a private agreement with him (by keeping your name on your original flat) where he can take a few small, unsecured loan, gives you the money, and once that loan is paid off, gets another one and so on, or he can pay you a certain amount every month.

Answer 5

no