How would you tackle this? Money/family politics....houses..

[HannsG]

I have a complex situation on my hands here...

In short:

I have a buy to let with 80k equity in there. My wife and month old son live in a house owned by my parents. My parents live miles away...

My father wanted me to live in a house owned by him...its a long story....a lot of its down to cultural bks..

Anyhow. He is now having financial difficulties and wants to kick me and my young family out. We have never really got on and are always at each others throats since I can remember. Pity....but not conducive to my newborn...

I for one believe its not down to financial difficulties and he wants me out on the street. Fair enough however I have pumped 30k into his house and naturally want it back...

So we have decided to look elsewhere now. We have 10k in savings.....I dont want to get rid of my buy2let.

How would you raise the deposit in a limited time?

He said he will pay me back my 30k. Like fk will he. Eitherway its over between us..

Remortgage the buy2let? Can I use it as collateral?

[pete a]

This is easy, just don't move out until you have the £30k, unless you have had the benefit of living in your dads house for a few years rent free? If that's the case, that was the rent , wipe your mouth move on and mtfu.

[HannsG]

pete a said:

This is easy, just don't move out until you have the £30k, unless you have had the benefit of living in your dads house for a few years rent free? If that's the case, that was the rent , wipe your mouth move on and mtfu.

Aye pretty much this. We are gonna bolt down here for as long as it takes to raise the deposit.

Agreement was he pay the mortgage and we pay for work on house, bills and maintenance. I would say they work we have done to the house has been in his advantage obviously

[joewilliams]

Have you talked to the bank about releasing some equiry from the btl?

[HannsG]

joewilliams said:

Have you talked to the bank about releasing some equiry from the btl?

We actually raised 30k to pay for work on the old mans house a few months back! Gesture of goodwill and all that.

I suppose it is an option. However need to ensure the rent covers the mortgage on the buy to let

[4lf4-155]

If you don't think he will willingly give you the £30k place a restriction oh the property via land reg. you will need evidence so copies of re mortgage docs, bank statements and invoices for the work done on the property will be needed.

They are a right pain in the arse for the property owner and give you a chance of getting your moaney at some point in the future.

[BoRED S2upid]

Use the £10k savings to put a 10% deposit down on a nice 3 bed terrace house, banks are offering 90% mortgages again now.