Newby to the site in need of your help please

hethmar

Meant to say, you cant get a mortgage on their house - you could possibly get a mortage on your house and then give your parents the money you raise for them to buy the flat. I trust you have sufficient equity and also will be able to meet the payments plus the extras that you will need to spend on the parents place.

Your friend talking about underwriting probably meant a deed of trust - Im not absolutely sure this is still allowed in these circumstances, you would need a specialist solicitor.


I would add, if you "inherited" the property on their deaths, you would also have to pay captial gains tax on the property - so you need to factor that into any of the calculations you are making to include the mortgage costs, possible interest rate rises, service charges on the flats - I take it you will be paying all their utility bills, repairs and maintenance etc.

Strapped

anniehanlon wrote: »

NO it's maybe not in the spirit of the boards, but we didnt judge and get it wrong. It was spot on right. And not quick to judge, i thought about it a lot before posting
you are thinking of yourselves and how much you can make out of the deal, that much is painfully obvious from your posts.
Sign of the times i'm afraid. Its a sad world. Fortunately some of us 'wrinklies' still have social principles

Not just the "wrinklies" either!