28/04/2014 11:12:20 AM
I have brother and sister clients who have a residential property which is still in their parent’s names as they are now deceased they do have probate etc.
Currently there is a debt of $55,000 on the house which is being sold. So basically with their existing place they are going to subdivide to sell of two blocks which one of them is already sold.
They need finance to obviously purchase a new residential property asap. As I understand the debt is assessed on the end debt for servicing purposes.
Total security value is about $450,000 and new security is to the value of $550k.
What are your thoughts on this one?
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your mortgage scenario