Mortgage to repay an individual rather than a bank?

silvercar

Cant you buy the new place with your in-laws as guarantors?

getmore4less

tinalives wrote: »

There are lots of issues regarding where we can and can't live and why we're doing what we're doing - but that's not the issue and I'm not asking for anything to be resolved there.

His parents are happy to wait for my place to sell before they get the money from it.

Maybe you missed the answer to your question in the middle.

If they(parents) buy the place then you(couple) will not be able to get a motgage on it without change of ownership which you would want.


So once you sell your place you transfer ownership to yourselfs and pay them the rest of the money by raising the mortgage.

I would buy the place as 4 joint owners up front(asuming this is a cash purchase an no mortgage needed).

I think you can avoid some/all future stamp duty when the final transfer takes place if the values are in the right range, you would need to take advice on this.