fbpx

Mortgage Advice Experts

Menu
  • Home
  • Videos
  • Mortgage Calculators
  • Residential
    • Mortgage Deals
    • First Time Buyer
    • Remortgage
    • Right to Buy Mortgage
    • Bad Credit Mortgage
    • Self Employed
    • High Income Multiple
    • Help To Buy Mortgage
    • Gifted Deposit
    • Foreign Nationals
    • Debt Consolidation
    • Equity Release
    • Close
  • Buy to Let
    • Buy to Let Mortgage Deals
    • Buy to Let Tips
    • BTL 80% Loan to value
    • Buy to let Remortgage
    • Let to Buy
    • HMOs
    • Buy to Let with Bad Credit
    • Limited Company
    • Portfolios
    • Holiday Lets
    • Ex Pats
    • Rent to Family Memeber
    • DSS Tenants
    • Into Retirement
    • Foreign Nationals
    • Inherited Property
    • Close
  • Bridging Loans
    • Commercial Mortgage Tips
    • Bridging Loans Explained
    • Why use Bridging Finance
    • Bridging Finance Rates
    • Auction Finance
    • Auction Finance Rates
    • Non Standard Commercials
    • Development Finance
    • Close
  • Protection
    • Will Writing Service
    • Probate Services
    • Close
  • Testimonials
  • About Us
    • Why Niche Advice
    • Our Fees
    • Testimonials
    • Blog
    • Join our Team
    • Privacy Notice
    • Terms and Conditions
    • Close
  • Contact Us
You are here: Home / Mortgages / Mortgage for an inherited property

by Payam Azadi

Mortgage for an inherited property

How do I get a mortgage for an inherited property?

What do I need to have in place?

How can you help me?

As one of London’s leading Mortgage Advisers, we are often contacted by clients asking for a Mortgage for an inherited property

People can inherit properties in many different ways: it could be a lifetime gift, where for example the parents are gifting a property whilst they are still alive, or it could be after the death of a family member when probate has taken place; either way we have experience in dealing with the situation.

The first thing we need to understand is what are you going to do with the inherited property? Will it is used as your main residence or will you be looking to mortgage the property for buy to let purposes? Once this route has been determined we can advise you on how the two processes work.

One of the biggest obstacles for obtaining finance on inherited property is strict rules that lenders apply. The most common one is you must have been an owner for at least six to twelve months before capital may be released. If you are an avid follower of your newswires you will know that we pride ourselves on a vast range of mortgages we have on offer and are able to provide solutions to remortgage inherited properties without having to wait. Let’s be honest it is common sense stuff but you would be surprised at some of the lender’s criteria is when it comes to inherited properties and mortgages.

General rules around getting a Mortgage for an inherited property

Probate must have taken place and you have become the legal owner of the property.

All beneficiaries and owners of the property must be on the mortgage (unless the intention is to acquire their share). We have lenders that we enable up 4 applicants.

If it is a buy to let mortgage then the estimated rental income needs to cover the mortgage by 125%. So four example if the mortgage is £1,000 a month the rental income will need to be £1,250.

The property must have a working kitchen and bathroom and should be ready for a tenant to move into.

Applicants must be able to afford the mortgage. The better the credit rating the better the rate.

For more information on Mortgages for an inherited property please call us on T: 020 7993 2044 or alternatively click on the below button

WE DON’T HAVE TO MEET YOU

We can deal with all our clients by Phone, Whatsapp, Skype, Email and Post.

Contact us

Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
Twitter Facebook Linkedin

Filed Under: Mortgages Tagged With: buy to let inherited property, Finance for inherited property, Inherited a property mortgage, Re mortgage inherited property

Trackbacks

  1. New Mortgage on Inherited Property - How we can help you with the finance - Finansbis says:
    at

    […] More information on Mortgage on Inherited Property can be found by visiting https://www.nicheadvice.co.uk/mortgage-for-an-inherited-property/ ++++++++++++++++++++++++++++++++++ FREE Credit Report To get a Muti Agency Credit report click on […]

Proud to be sponsors

Mortgage broker awards

Contact Us

Our Fees

Why Niche Advice

Mortgage Deals

Tools / Calculators

Latest News / Blog

Payam Azadi

Declined Buy to let mortgage due to background property portfolio stress test

The background property portfolio stress test is stopping borrowing more There could be a variety of reasons why you've been turned down for a … [Read More...]

Payam Azadi

Up to 10 times Income Multiple Remortgage

I never thought I'd be writing about 10 times income multiple for a mortgage.Looking back income multiples have come a long way to get to 10 times. … [Read More...]

Payam Azadi

BRRR 85% LTV bridging loan for property refurbishment

BRRR Finance Refurb Projects to 85% LTV bridging on day 1 May be excitement and refurb finance don’t naturally gel together but this 85% Loan to … [Read More...]

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

Our Fees

Click here for our fees structure. A full detailed fee plan will accompany all our quotes.

Niche Advice Limited has a commercial arrangement under an affiliate programme with Check My File and is remunerated for referrals.

Terms and Conditions

If you wish to register a complaint, please write to us on the details below or call us on: 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

Site Terms and Conditions
Customer Privacy Notice

niche youtube

CONTACT NICHE ADVICE
Tel: 020 7993 2044

Registered Office: Niche, Unit F3, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG. Registered in England & Wales. Company registration number: 06599033.

Members of The Financial Intermediary & Broker Association - Number SBS36389

logo

© 2022 · Niche Advice Limited · Site Designed by Niche Advice Design Team

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}