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Some advice needed please....
Phaelok
Posts: 127 Forumite
Hi all,
I need some advice about the following please....
I am living with my parents at the moment who live in a rented (council) property. They have the option of being able to buy the house from the council at a discounted price. I am interested in being named on the mortgage (which is possible because I have checked) but some of my friends say it will be a mistake in terms of investment (e.g. would someone want to buy it?) etc. There are a few things which need to be done to the property, structually, which would mean paying out more and thus the so called 'discount' would become non-existent.
In this respect I do not know if I should continue living with my parents and taking out a mortgage on a 1/2 bedroom flat with a view to renting it out every month. It would be my intention to use that money to pay the mortgage as well as pay more against the mortgage myself. I only(?!?) have £10k which dosent appear to be a lot in this day and age. Would it be sensible to the former or latter?
Many thanks for your help
I need some advice about the following please....
I am living with my parents at the moment who live in a rented (council) property. They have the option of being able to buy the house from the council at a discounted price. I am interested in being named on the mortgage (which is possible because I have checked) but some of my friends say it will be a mistake in terms of investment (e.g. would someone want to buy it?) etc. There are a few things which need to be done to the property, structually, which would mean paying out more and thus the so called 'discount' would become non-existent.
In this respect I do not know if I should continue living with my parents and taking out a mortgage on a 1/2 bedroom flat with a view to renting it out every month. It would be my intention to use that money to pay the mortgage as well as pay more against the mortgage myself. I only(?!?) have £10k which dosent appear to be a lot in this day and age. Would it be sensible to the former or latter?
Many thanks for your help
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Comments
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Sorry second paragraph slightly unclear - what I mean by this is that I would continue living with my parents but taking out a mortgage on a 1/2 bedroom flat with a view to renting it out.0
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Neither. I'd wait until you want to move out and buy then. You may have issues when you want to buy your own pad if you start this way.
Sounds a strange thing to say but to me there's even more security in having a house rented from the council than owning one with a mortgage. Leave your parents to themselves.Everything that is supposed to be in heaven is already here on earth.
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If you get included in a mortgage on your parents home and then fall in lurve and want to move on you'll have to deal with that as a complicated issue.0
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theartfullodger wrote: »I might not want to be named on the MORTGAGE (as then I might have to pay some money.if parents don't..) but I might want to be named on the house deeds as a part-owner....if that's what parents want..
Cheers!
You can't do that. You're either on the deeds and the mortgage and therefore jointly and severably liable for the debt, or you're not named and have no share.Everything that is supposed to be in heaven is already here on earth.
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