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.
📨 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!
Mortgage for auction property between extended family!
alethea
Posts: 1 Newbie
Hello! Lots of questions, and far to complex for me!
We are looking to buy an auction property for £350,000 , to develop and have four houses on the site for my family, my parents, my brother and his family, and sister and her family - I know it sounds like a commune but it would be seperate houses!
First of all the auction is in three weeks and we would need the deposit on the day, and full amount within 10 days. Are there special mortages that do this quickly, and how do we know?
Also can we get a joint mortgage between a number of people or is it mad to try to do this? We are all self-employed in various businesses just to make things worse!
We own a house worth approx £150,000, as does my brother, and both of us have mortgages of about £70,000 on these, so we do have some equity in the houses but would hope to get the mortgage on the new development without risking our current houses, which we will sell, but not within a month!
We would both increase our mortgages by £15,000 to pay the deposit, but I am concerned that it will cost us money to do this, and then we may not win the auction!
How do most people do this type of thing if they don't have thousands in cash?
If anyone can give me any advice I would really appreciate it.
Kind Regards
Alethea
We are looking to buy an auction property for £350,000 , to develop and have four houses on the site for my family, my parents, my brother and his family, and sister and her family - I know it sounds like a commune but it would be seperate houses!
First of all the auction is in three weeks and we would need the deposit on the day, and full amount within 10 days. Are there special mortages that do this quickly, and how do we know?
Also can we get a joint mortgage between a number of people or is it mad to try to do this? We are all self-employed in various businesses just to make things worse!
We own a house worth approx £150,000, as does my brother, and both of us have mortgages of about £70,000 on these, so we do have some equity in the houses but would hope to get the mortgage on the new development without risking our current houses, which we will sell, but not within a month!
We would both increase our mortgages by £15,000 to pay the deposit, but I am concerned that it will cost us money to do this, and then we may not win the auction!
How do most people do this type of thing if they don't have thousands in cash?
If anyone can give me any advice I would really appreciate it.
Kind Regards
Alethea
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards