The Lemon Fool

My Eldest daughter is looking at a property. She can't afford the whole place, but she has a ready-made lodger waiting to rent a room.

Now between myself, and her grandparents we are all sitting on enough cash to buy the place outright (therefore very quickly). Mine is in my offset account - this would put us right at the front of any queue in terms of buyer quality in a very squeezed market.

The question is - that having bought for cash (in her name), could we then retroactively mortgage the property to repay these temporary cash loans. Is this a re-mortgage and where would I go for assistance?

Regards

Pheid

Came across this probably too late for you. Yes you can remortgage. However, income and age will be a predominate factor.
Virgin Money will allow a 'day one' remortgage.

Thanks for the reply blaze,

Purchase is progressing with Eldest getting half the money from Nationwide and the other half from me (Barclays have been great in extending my term)

Regards

Pheid