Lenders Wanted

SA, $450K, Owner occupied, Purchase, Full-doc, 55% LVR

Posted on 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?

< Back to listPost your mortgage scenario

Add your reply
  • Kym9/05/2014 2:42:56 PM

    Agree the scenario post does not make any sense!!

  • John from Geelong7/05/2014 4:51:05 PM

    Hard to help with such a poorly worded scenario.

    Have the brother and sister died?

    Is the probate property one property A?

    The subdivided property property B?

    The property being purchased property C?

    Given that the source of debt reduction is from a property not in the applicants' names and the mortgagee cannot get control of it at absolute best you would need a non-automated lender with flexible credit policy.


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