can i use money left to me in a will to gain a mortgage. i do not have access to cash for 5 years will a building socioty accept that as payment
2007-08-22 00:56:44 · 5 answers · asked by dynoscot 1 in Business & Finance ➔ Renting & Real Estate
You can only PLEDGE assets you can control and have authority to disburse. However, who is the trustee? Do they have authority to 'invest' or disburse?
If they do, consult with them, if the investment is sound and in your best interest the trustee may pledge on your behalf.
Hope this helps, Good Luck
2007-08-22 01:05:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you can't get at it, what makes you think a Building Society can ??
Best you can do is get an 'Interest Only' Mortgage (and use the Inheritance to pay off the Montage in 5 years)
2007-08-22 08:02:14 · answer #2 · answered by Steve B 7 · 2⤊ 0⤋
DO NOT TRY TO CLAIM IT BEFORE THE FIVE YEARS IS UP!!!
sorry for being so melodramatic, but I had a friend who was supposed to wait until 21 to get £100.000 after the death of his mother, but he got a solicitor involved when he was 18, he got $5,000 and the solicitor ran off with the rest, also his sister claimed for the same amount at the same time and he did the same thing, actually buggered off on holiday to acapulco with this money, they've been trying to claim the rest off of him since, with no success, that was eleven years ago.
an american lawyer did the same to my family from a very rich relative, involving a substantially larger amount, according to american law, we were lucky not to end up owing them money! seriously!
It's a nice amount, leave it there where it's safe and just live on your own means in the meantime.
2007-08-23 13:18:37 · answer #3 · answered by Lucy 3 · 0⤊ 0⤋
I don't know if the lender would loan you money without some legally binding agreement that the money is to be used to pay them.
2007-08-22 08:02:56 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋
Look into a contract for deed.
2007-08-22 10:18:07 · answer #5 · answered by joel l 1 · 0⤊ 0⤋