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To Buy Out or not to Buy Out?
pami
Posts: 5 Forumite
Hi,
My aunty left me and my sister her house. We have been renting it out because we couldn't sell but now my sister's circumstances have changed and she needs to sell. I don't want to, as the housing market in my area is still not good and i don't think we'll get a good price. I'm considering buying her out. I have an offset mortgage on my home and pay no interest because i have savings of the same amount as the mortgage. Does anyone know what the general attitude of Building Societies is towards increasing private mortgages to finance such a thing? I don't want to use all my savings, so I would need to borrow. Would a BTL mortgage be cheaper than doing this, or more expensive? Also, any ideas about what to take into account when deciding a value for the house? Estate Agent's valuations don't seem to be realistic these days.
Any advice would be much appreciated.
My aunty left me and my sister her house. We have been renting it out because we couldn't sell but now my sister's circumstances have changed and she needs to sell. I don't want to, as the housing market in my area is still not good and i don't think we'll get a good price. I'm considering buying her out. I have an offset mortgage on my home and pay no interest because i have savings of the same amount as the mortgage. Does anyone know what the general attitude of Building Societies is towards increasing private mortgages to finance such a thing? I don't want to use all my savings, so I would need to borrow. Would a BTL mortgage be cheaper than doing this, or more expensive? Also, any ideas about what to take into account when deciding a value for the house? Estate Agent's valuations don't seem to be realistic these days.
Any advice would be much appreciated.
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