{"id":131829,"date":"2022-11-28T14:00:18","date_gmt":"2022-11-28T07:00:18","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-we-release-some-money-tied-up-in-our-current-home-to-use-as-a-deposit-on-a-new-one\/"},"modified":"2022-11-28T14:13:56","modified_gmt":"2022-11-28T07:13:56","slug":"can-we-release-some-money-tied-up-in-our-current-home-to-use-as-a-deposit-on-a-new-one","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-we-release-some-money-tied-up-in-our-current-home-to-use-as-a-deposit-on-a-new-one\/","title":{"rendered":"Can we release some money tied up in our current home to use as a deposit on a new one?"},"content":{"rendered":"


\nMy wife and I would live in the second property and rent out the other to my sister and her sonQ My wife and I would like to buy a second home to live in while renting out our current property. My sister is in dire straits and desperately needs somewhere safe and secure to live with her son. Would it be possible for us to release some of the money tied up in our current home to use as a deposit on a new one? We have about \u00a360,000 of equity at the moment and my partner and I have secure jobs. I would also like to swap the mortgage on our first property to a buy-to-let mortgage. I understand that we would have to charge my sister the market rate of rent. Is any of this possible? We would very much like to help my sister.ARA Yes, it is possible but what you can\u2019t do is convert your residential mortgage to a standard buy-to-let mortgage in this case. Instead, you have to take out a \u201cregulated\u201d buy-to-let mortgage, which is also known as a family mortgage. According to Pete Mugleston, a mortgage adviser at onlinemortgageadvisor.co.uk: \u201cThis is a specialist mortgage that allows a borrower to rent out the entirety of their property \u2013 or more than 40% \u2013 to a close relative.\u201d Close family member means a child, sibling, parent or grandparent but not cousins, second cousins or aunts and uncles. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Can we release some money tied up in our current home to use as a deposit on a new one?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

My wife and I would live in the second property and rent out the other...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-131829","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yih","jetpack-related-posts":[{"id":72193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-buy-a-house-at-age-52-or-rent-for-the-rest-of-my-life\/","url_meta":{"origin":131829,"position":0},"title":"Should I buy a house at age 52 \u2013 or rent for the rest of my life?","date":"December 11, 2013","format":false,"excerpt":"\r Reader wants security for herself and her daughter \u2013 but is not sure whether it makes sense to take out a mortgage at this stageQ I am a 52-year-old single woman in a secure job earning approximately \u00a330,000 annually which will increase yearly but not by a great deal.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49257,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/do-i-need-to-fill-out-a-tax-return-if-i-buy-to-let-without-a-mortgage\/","url_meta":{"origin":131829,"position":1},"title":"Do I need to fill out a tax return if I buy to let without a mortgage?","date":"March 23, 2017","format":false,"excerpt":"\r I can afford only to rent in the area where I work, so I plan to buy a house for cash elsewhere to let to my sisterQ I have a query regarding home-owning and was hoping you could help. I have rented for my whole life and have never\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112633,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-renting-in-london-should-i-try-to-buy-now-or-wait\/","url_meta":{"origin":131829,"position":2},"title":"I'm renting in London \u2013 should I try to buy now or wait?","date":"November 25, 2019","format":false,"excerpt":"\r I\u2019m saving for a deposit and wondering if I should leave it a few years until I can build up more Q I rent in London and I\u2019m on a yearly wage of \u00a328,000. 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I have some spare cash\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65400,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-i-buy-a-house-for-my-mum-to-live-in-rent-free\/","url_meta":{"origin":131829,"position":4},"title":"Can I buy a house for my mum to live in rent-free?","date":"September 4, 2017","format":false,"excerpt":"\r I\u2019m doing well financially while she is struggling, but there seem to be hurdles regarding close relativesQ My mum is 52 and lives on her own on a low income in the north of England. I rent and work in London and am fortunate enough to be on a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52696,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/to-buy-or-rent-in-hong-kong-tipping-point-guide-to-93-neighbourhoods-shows-the-way\/","url_meta":{"origin":131829,"position":5},"title":"To buy or rent in Hong Kong? Tipping point guide to 93 neighbourhoods shows the way","date":"April 24, 2017","format":false,"excerpt":"\r A common quandary for residents in Hong Kong is whether it makes more sense to buy or rent a flat. On one hand, there\u2019s the perception that paying rent is like throwing money down the drain. 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