some mortgage advice please

gotmaintvtr

im 22 live with my parents who have a mortgage on their house.

they would like to move to a bit of a bigger house basicaly for me to have a bit of space while i save for my own mortgage. (where we live it isnt cheap)

the question id like answered is, could we change their current mortgage from being all on my dads wage to adding my salary to the paper work and go in on it with them? it would only be to boost their mortgage by about 30k to get the house we want in the right size for us.

our house is worth about 170k and the house we want could be bought for around 200k.

could anyone shed any light on this please?

_Andy_

Just to clarify - you'd want to sell the current home for £170, and buy another for £200k? Where is the £30k deposit coming from?

gotmaintvtr

yeah we bought our house for 90k now owe about 70k the house is worth abut 170 possibly more dependant on market obviously but houses are still selling where i live. the new house can be bought for 200k so i would of thought we have enough equity.

sorry if im getting it all wrong hence coming here to ask questions

trynsave

What are you planning to do in a few years when you want off your parent's mortgage so you can buy your own place? Surely you won't be forcing your parents to sell their new home just so you can reclaim your salary multiples? If you live in an expensive area you'll need all the multiples you can get.

Can your parent's afford the multiples on just your Dad's wage? If so you should seriously consider letting them still hold the house and you just pay rent to them.

Also are your parent's tied in with ERC's?

yelf

in theory yes you can do that

gotmaintvtr

ok ill try give bit more info. thanks for the reply's though.

i earn a very very good salary especialy for someone of my age. i have recently treated myself to a new car and now want to start saving again. the house we want needs decorating was lived in by a old man who has since moved to warden control. once decorated could possibly increase the properties value a substantial amount

i wouldnt go in with my parents if i didnt beleive i would be able to afford to cary on saving a good amount and still be able to move out without forcing my parents to sell up.
this is why i will only go in to up the money a slight amount. i want to carry on liing with them and over the next 3 or 4 years i intend to save aprox 50k towards getting my own house.
i wouldnt force the parents to sell but once my sister moves out or leaves school they would like to move away from the area so they will sell then.

my parents could of afforded to increase it themselves at the beginning of the year but my mum has since lost her job and they are currently some of what they had saved up to move with.