We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage advice needed
Cheesey_ste
Posts: 1 Newbie
My Mother is currently looking to sell her house (expect 150K) with no outstanding mortgage. With an additional 50K cash between us we are looking at a property of 250K, so an additional 50K is required, which I think is best obtained via a mortgage in my name.
Would I have to transfer the deeds of my Mothers house to myself prior to selling as this 150K would be 60% of the deposit on the new mortgage. Or could the sale of her house be accepted, along with 50K cash, as an 80% deposit for a mortgage in my name?
I ask as I don't think she could get a mortgage as she is retired. Maybe there is a better way?
Cheers
Would I have to transfer the deeds of my Mothers house to myself prior to selling as this 150K would be 60% of the deposit on the new mortgage. Or could the sale of her house be accepted, along with 50K cash, as an 80% deposit for a mortgage in my name?
I ask as I don't think she could get a mortgage as she is retired. Maybe there is a better way?
Cheers
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards