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How do we go about buying a second property?
Angel-Delight1984
Posts: 11 Forumite
My partner currently owns a house worth around £115000 with a £30000 mortgage on the property. It is a 2 bedroom house and I currently live with him with my 2 children and so does his dad so we all have to share one bedroom and his dad has the other. We now want to buy our own property but he doesnt want to throw his dad out on the street. If we move his dad has offered to pay the mortgage payments on our house at the moment but we dont really know how to go about buying somewhere of our own. We thought of a changing to a buy to let mortgage on his current house but he wont make any profit from it so it might be a bad idea. Does anyone know of a realistic way forward as we really dont know where to start.
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Comments
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Did the house not have the repairs done or paid off his car finance?
http://forums.moneysavingexpert.com/showpost.html?p=17934767&postcount=50 -
Car finance has been paid off. But we've sat down and decided it would be best to go down this option instead.0
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Good!
You'd have to get permission to let off your current lender. And then ask them if you can borrow some more for another house?0
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