Mortgage/remortgage unsure need advice

lealea4435_2

Hello

I need a little advice for my parents. They currently outright own there own property and have never had a mortgage.

Over a year ago my mother and her brother and sister inherited there fathers property and my mother moved into this property believing she would be able to sell her own but due to the recession we have not been able to shift this property even after lowering the price considerably we had an offer which seems to have fallen through.

My question is my mum and dad are thinking of getting a mortgage/remortgage on the for sale house to pay off her siblings inheritance but as they have never had a mortgage are unsure on what to do, whether it is a mortgage (FTB) or a remortgage. The mortgage payments would be paid back by a tennant (possibly myself) until the housing market stabalises for us to get a sale and pay back the mortgage.

I know this may not make much sense but we are a little confused around the whole mortgage talk?

Does anyone have any advice to give, it would be grately appreciated

CloudCuckooLand

Parent's ages?
Parent's income, compared to value of mortgage to be raised?

It would be a FTB mortgage.
They would need to pick a product with no or very low 'early repayment charges', as it might sell and be paid off at any time.

Not 100% sure how Lenders view renting to family. Might ask for it to be a buy-to-let product/rate/fee.

lealea4435_2

Thanks for the reply, my parents are 52 & 53. Dad works full time on approx 17K pa and mum is on around 4K pa

VIGILANT22

Is the aim for you to inherit the property?

lealea4435_2

Erm mum and dad already own a property that myself and brother will inherit. but mum owns a share of the property we live in now and need to buy out her brother and sister thats why we need to sell the owned house.

My credit rating is rubbish after losing my job last year so I have no chance of getting a mortgage myself but the parents have capitol and a great credit history

VIGILANT22

1. Buy to let mortgage/buy out share of 33.3 x 2 = 66.6%
2. May have to be done in mum & dad's as some lenders require landlord to have a minimum income
3. Find an experienced advisor .
4. Very important for mum and dad to receive legal and financial advice as all sorts involved here with various properties as everyone needs to protect themselves from the revenue etc......but yes it can be done...........:)

lealea4435_2

cool thanks for your advice!