Buying the house I rent

Discussion in 'General Property Investment Discussion' started by Paul Ransom, May 15, 2019 at 5:04 PM.

  1. Paul Ransom

    Paul Ransom New Member

    Hi,

    I live and Glasgow and have the opportunity to buy the house that I currently rent. I can raise around 80% of the cost. Therefore I am looking for a way or investor to fund the last 20%. This would be for a 5 year period. After which I have a legacy second pension which matures and I will use it repay the investment. Obviously plus an agreed fee or interest. I am looking for around £50 - 60K

    Is this something that can be done or someone would be interested investing in?

    Thank you

    Paul
     
  2. FWL

    FWL Member

    I assume from your post that you are not currently in employment? Otherwise surely a 20% mortgage would be the obvious route?

    There may well be private banks and niche lenders who would appreciate a legacy second pension and potentially agree to provide finance for the additional 20%. I would approach a mortgage broker in the first instance and explain your unique situation.
     
  3. Paul Ransom

    Paul Ransom New Member

    Hi

    Thanks for your reply. Sorry I did not fully explain my situation. Yes I am employed full time. The 80% I can raise is around £50k equity from the sale of my last house and approximately a £200k mortgage in principal. I cannot access the pension until I am 55, though it is really frustrating seeing what is is worth and not knowing a way to legally borrow against it.

    Thanks for the link also.
     
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