Remortgage Inherited Property
Our Inherited Property Remortgage Service
Special features of what we offer include:
- Whole of market service - we work with over 60 UK lenders
- Access to leading market mortgage rates
- Access to exclusive loan deals not available on high street
- Fast turnaround - speak to us today if you need to move quickly
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions
To investigate your mortgage options for an inherited property call our mortgage team on 0117 313 7780 or fill in our call back form.
Remortgaging Inherited Property
There can be a number of instances where you might want to remortgage or simply mortgage a property which you have inherited; perhaps you inherited it along with siblings and wish to buy out their interest in it or you live elsewhere and want to release some of the equity from the property to carry out refurbishments with the intention of letting it out to tenants.
Certain lenders have strict rules relating to inherited property, a common requirement is a minimum amount of time that you must have legally owned the property before any capital may be released; however this rule is not true of all lenders.
Requirements for taking out a new mortgage on an inherited property may include:
- Probate must have been carried out making you the legal owner of said property
- If the property is owned by multiple individuals then they all need to be on the mortgage unless you are mortgaging to acquire their share.
- If you are remortgaging on a buy to let basis then the estimated monthly rental yield of the inherited property must be at least 125% of what the monthly mortgage payment would be.
- Applicants must fit the lenders affordability criteria. Generally speaking the better the credit rating of all of the applicants the more products there will be available.
- Fitting a minimum loan size
Before you remortgage
There are a wide range of providers of home finance, so it is worth shopping around thoroughly to try and find the best deal for your circumstances. You may wish to speak to an independent mortgage adviser to gain impartial advice as well as to try and find the most suitable product for your needs.
As an independent mortgage we offer a whole of market service, which means we can search across different lenders on your behalf to try and the best product that fits your specific circumstances. We can also allow you access to a selection of mortgages, from lenders off of the high street, which can only be accessed via an intermediary.
If you want to find out if Fair Mortgages could help you, why not fill in our online contact form to request a call-back for a free initial consultation? Alternatively you can call us directly on: 0117 313 7780.