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  • FIRST POST
    • pareshkeshra
    • By pareshkeshra 7th Sep 17, 5:12 PM
    • 4Posts
    • 1Thanks
    pareshkeshra
    Mortgage help
    • #1
    • 7th Sep 17, 5:12 PM
    Mortgage help 7th Sep 17 at 5:12 PM
    Hi everyone,

    Just wanted some advice. Here's my situation;
    I'm currently working full-time earning 25k a year with around 6k in overtime

    My mum who is 60 year old owns a property which is mortgage free, the mortgage was paid years ago so she owns the property 100%.
    She is currently working Part-Time earning 11k a year

    Here's what I thought we could do:
    Put my name on the house deeds (might not even need to do this if the mortgage is just being calculated by mine and my mums income) and apply for a residential mortgage which would be
    25k x 4 = 100,000k
    11k x 4 = 44,000k
    Total we'd get would be around 145,000k

    Then use 100,000k of that money as a deposit to purchase a new house which were planning to live at.
    The house we have seen is 380,000k
    so we would require another 280,000k

    what’s the best way to get this? As I was thinking I could place the property my mum owns on rent which would get a rental income of around £1700 per month, Use this rental income to pay off both mortgages and if there’s any shortage then I chip in with few hundred pounds every month.

    So essentially we'll have two mortgages one residential and one buy to let.
    Am I on the correct line please I'm so confused which way to go.

    Thanks in advance.
Page 1
    • Beetroot24
    • By Beetroot24 7th Sep 17, 6:15 PM
    • 15 Posts
    • 24 Thanks
    Beetroot24
    • #2
    • 7th Sep 17, 6:15 PM
    • #2
    • 7th Sep 17, 6:15 PM
    I think this should be posted on the Mortgages & Endowments forum
    • pareshkeshra
    • By pareshkeshra 7th Sep 17, 7:16 PM
    • 4 Posts
    • 1 Thanks
    pareshkeshra
    • #3
    • 7th Sep 17, 7:16 PM
    • #3
    • 7th Sep 17, 7:16 PM
    Ok Thank you I will try and delete and post it on Mortgages & Endowments forum.
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