My children have a trust which we are buying a family home with, however it needs work and we will require a small mortgage of £50,000 to complete this work. How does the trust apply for a mortgage, two are young adults ages 21,19,15,12.
We / both their parents work and will be paying the mortgage, as potential rent.
Are there mortgages available for us.
Ask the Specialist response:
Thanks Audrey for the enquiry,
There are a couple of ways we could look to organise a Trust mortgage for you - either as a commercial mortgage in the name of the Trust or alternatively as a residential mortgage in the name of the Trustees.
The latter typically, but not in all cases, works out the cheaper option but isnt necessarily suitable for everyone.
To give you an indication as to whether we would be able to help in this particular instance, we would need to ask further questions to establish some further details on the situation. This typically takes 10 to 15 minutes in a telephone call with one of our advisers.
To speak to an adviser, you can either call into the office directly on 020 77 100 400 or Request a Callback.