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Can I re-mortgage my house to fund my daughters flats?

Looking to re-mortgage to pay a deposit on my daughters flats?

Asked on Mar 14 2012, Home Finance in London | Report content

Answers (1)

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  • Flat or flats? You will probably be asked by your lender what you need the money for. Some people say home improvements, new car etc but many don’t actually use the money for that once they get it. I would be more concerned that you obtain adequate security for the money you give for the property (or properties). If you become a co-owner this might cause (although probably not insurmountable) problems for your daughter finding a mortgage. Many parents accept they will not take any security and just bung the money to their children who then tell their lender that they are buying with their own savings.

    Answered on Mar 15 2012, Report content

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