We want to release some equity from a house which my wife and I own outright but which is home to my 88 year old Dad.We bought the place, from the council, 25 years ago and my Dad has lived there, rent free, ever since. It's a 3 bed semi with a kitchen, one reception room and separate downstairs bathroom and toilet. Current market value is about £150k and a realistic rental should be about £750pcm. However, the decor is "tired" and has a couple of age/mobility-related modifications - two stair rails and a grip rail in the bathroom.

Since we have no intention of moving my Dad out or charging him rent, how likely is it that a valuer would "smell a rat" and dismiss our application as "dodgy"? Should we have some sort of "story" ready for the valuer?

TIA

The day the valuer is due, One of you take your Dad out for a pint or a slap up meal.

Job Done

The "Will a member of family be staying there" will need to be answered

Hi Tia,

You can get "Regulated" Buy to Lets where the lender will accept that you are "Renting" to a family member.

You can also get normal buy to let mortgages where if borrowing is under 70/75% loan to value rental income is ignored.

Rgds

Pete

That's good to know.

70% would do the trick just nicely.

Thanks

GMAC, The Mortgage Works and Mortgage Express ignore the rental and BM will do regulated BTL deals.

Rgds

Pete