Hi all,
This is a question for the mortgage brokers. My parent's ppor is worth about 900k give or take. The loan is around the 550k mark, with one of the big 4's.
I'm new to the property investing thing and currently only have 2 ips. My parents have agreed to let me use the equity in their house to let me continue building my portfolio.
Here's the problem, they are self employed and their situation is a bit complex so they won't be able to service a top up to extract the equity and lend to me.
Is there a way around this, i.e. get a cash out? I understand that it's possible to use their property as a guarantee security, but using this method, am i able to purchase a few properties or just restricted to one? My concern is how lenient their lender would be for placing additional mortgage caveats against the title etc, and any further potential issues if I need to extract equity from these ips down the track.
Any advice, suggestions would be greatly appreciated.
This is a question for the mortgage brokers. My parent's ppor is worth about 900k give or take. The loan is around the 550k mark, with one of the big 4's.
I'm new to the property investing thing and currently only have 2 ips. My parents have agreed to let me use the equity in their house to let me continue building my portfolio.
Here's the problem, they are self employed and their situation is a bit complex so they won't be able to service a top up to extract the equity and lend to me.
Is there a way around this, i.e. get a cash out? I understand that it's possible to use their property as a guarantee security, but using this method, am i able to purchase a few properties or just restricted to one? My concern is how lenient their lender would be for placing additional mortgage caveats against the title etc, and any further potential issues if I need to extract equity from these ips down the track.
Any advice, suggestions would be greatly appreciated.