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2nd House, 2nd Mortgage Advice Please
gennyl
Posts: 5 Forumite
Hello
My husband and I currently own our own home (albeit with a 70% mortgage).
Sadly my Mother in Law lost her husband very suddenly a few months ago and has decided she can't stay in the house they lived in together so has been staying with us ever since. She now own's her bungalow (worth approx £190K outright but wants to sell it and buy a retirement apartment.
She has seen an apartment she wants to buy and it costs £100K. She has 65K to put down but needs another £35K which would ordinarily come from the sale of the bungalow. But in this market a sale could take a while and she REALLY doesn't want to have to live there while it sells. She is also struggling with the stairs in our home.
We have looked into her Gifting her bungalow to us so that we (my husband) can take out a mortgage on it for the additional cash she needs. We have seen a solicitor and on the face of it all looks good.
So to my question.........I need a £35K mortgage over 25 years on an interest only rate. Everywhere I go to compare asks me what the purchase is and I don't really fall into any of the categories to get a quote. We are not First Time Buyers, we do not need a remortgage (i don't think), we wont be letting the property and my MIL is not interested in the equity release schemes as they are so expensive.
Where do I go and what do I do?
Sorry for the long post.
Lynne
x
My husband and I currently own our own home (albeit with a 70% mortgage).
Sadly my Mother in Law lost her husband very suddenly a few months ago and has decided she can't stay in the house they lived in together so has been staying with us ever since. She now own's her bungalow (worth approx £190K outright but wants to sell it and buy a retirement apartment.
She has seen an apartment she wants to buy and it costs £100K. She has 65K to put down but needs another £35K which would ordinarily come from the sale of the bungalow. But in this market a sale could take a while and she REALLY doesn't want to have to live there while it sells. She is also struggling with the stairs in our home.
We have looked into her Gifting her bungalow to us so that we (my husband) can take out a mortgage on it for the additional cash she needs. We have seen a solicitor and on the face of it all looks good.
So to my question.........I need a £35K mortgage over 25 years on an interest only rate. Everywhere I go to compare asks me what the purchase is and I don't really fall into any of the categories to get a quote. We are not First Time Buyers, we do not need a remortgage (i don't think), we wont be letting the property and my MIL is not interested in the equity release schemes as they are so expensive.
Where do I go and what do I do?
Sorry for the long post.
Lynne
x
0
Comments
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I'd go through a broker, there should be plenty of choices out there for you.poppy100
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