Remortgage to buy new property advice

dellboy102

Hi Guys

I hope someone can help me as i'm a first time buyer who knows very little about mortgages etc!

I currently live with my parents, we have made an offer on a house (160k) with a deposit of 24k, I have already been accepted by nationwide for a mortgage of 136k on that house.
Now heres the slight complication, my parents house (which they own, no mortgage) I would like to buy off them, remortgage it and then buy the other property for cash using the funds raised, I will then Let my parents house while paying the mortgage on it.
I'm looking to pay £1500 a month so I think the mortgage will be no more then 10 years, I've got a very good credit history with no bad debts etc so that should help.

My parents think our house is worth about the same value however I reckon its a bit less, maybe £150k, we're getting it valued this week so we'll soon see.

I will probably phone L&C tomorrow to try and get some quotes but i'm not sure where to start or even if I have the terminology right, any advice would be much appreciated

I got a quote from the estate agent for a 5 year fixed rate which he advised, the rate was 6.1% which seems high, any tips on whether to go tracker etc would also be great