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Advice needed regarding mortgage and buying parents house
DJPsychs
Posts: 9 Forumite
Hi, i wonder if anyone can help and give me some simple advice that i can understand. I've been doing lots of reading but i'm getting confused, its a minefield out there.
Scenario.
My parents are retired and still owe approx £60,000 off their mortgage and are coming to the end of their mortgage term. The property is worth £300,000+. They want to sell me the property at a massively reduced rate (say £100,000) or for me to buy a share in the property (say a third). What is the situation regarding mortgages etc..
I still live at home and earn approx £30,000 a year (which would probably equate to a max £80,000 -120,000 mortgage). I have approx £10-15,000 savings. I would like to get slightly more than the sum needed to cover their mortgage repayment so they can begin their retirement while decisions regarding their future are being made. I would also be a first time buyer and my parents would continue to live in the property. I have no immediate plans to move out. The property will be put up for sale if my parents decide to relocate to a smaller property (maybe with 1 - 2 years) and i will then go my seperate way.
What are my best options for purchasing/ getting a mortgage on the property based on my salary or buying a share in the property.. can this be done? As a family we all get on really well and stick by our decisions.
Any simple options would be appreciated..
Many thanks
Scenario.
My parents are retired and still owe approx £60,000 off their mortgage and are coming to the end of their mortgage term. The property is worth £300,000+. They want to sell me the property at a massively reduced rate (say £100,000) or for me to buy a share in the property (say a third). What is the situation regarding mortgages etc..
I still live at home and earn approx £30,000 a year (which would probably equate to a max £80,000 -120,000 mortgage). I have approx £10-15,000 savings. I would like to get slightly more than the sum needed to cover their mortgage repayment so they can begin their retirement while decisions regarding their future are being made. I would also be a first time buyer and my parents would continue to live in the property. I have no immediate plans to move out. The property will be put up for sale if my parents decide to relocate to a smaller property (maybe with 1 - 2 years) and i will then go my seperate way.
What are my best options for purchasing/ getting a mortgage on the property based on my salary or buying a share in the property.. can this be done? As a family we all get on really well and stick by our decisions.
Any simple options would be appreciated..
Many thanks
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