I am in the process of buying a BMV property using BM as the lender.
I was going to use equity release from one of my other properties to fund the deposit but BM say they dont allow that now…….has anyone else come across this and know of any solutions??
I have been told that if I can find someone to ‘gift’ me the deposit then I can do the deal.
Does anyone know how this would work with a cash rich JV partner? I was previously under the impression that with a JV partner they would just give me the money and I would get the mortgage in my name, refurb+flip the property and then everyone gets paid from the profits……….however if BTL mortgage companies want proof of where the deposit came from then is it just a case of extra paperwork asking the JV partner to supply evidence that he has gifted it to me? Or is it a case of getting a joint mortgage with the JV partner??
I have always funded my own deals so not required a JV partner previously, but am now running out of cash so any help on setting up JVs would be appreciated too.
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