We want to buy house off parents that have split, but we cant scrape enoug together,

sharkie

sold to the family, so no ea fees

pay your dad in full as he needs the cash, and ask to pay your mum in portions as it sounds like she does not need a large lump sum.

get an interest only mortgage, hopefully you can find one that you can pay the principle amount off.

sonastin

If your mum can afford it, she could loan you the difference out of her share. If she can't or won't, I'm afraid you'll have to give up on the idea of buying this house unless your parents' change their minds about needing the money from it.

Bullfighter

Sounds like your parents are being mercenary, if they want 'market value' then let them get 'market value'.... oh and don't bother visiting them in the old peoples home.

silvercar

If you get 140k for your with a 105k mortgage that leaves 35k equity. If your max mortgage is now 100k, that means you can afford a property for about 135k, though probably nearer 130k after costs. Your parents save a couple of grand on estate agents fees. That leaves you well short. Either the parents are going to have to agree to take a lower price or you can't afford it.

sunshinetours

Bullfighter wrote: »

Sounds like your parents are being mercenary, if they want 'market value' then let them get 'market value'.... oh and don't bother visiting them in the old peoples home.

Stupid post - if they are splitting and are of advancing years of course they will need money to fund their new homes

Only possibilty solution I can see is as someone suggested, if one or both can accept deffered payments for the future, although how that will work with mortgage company I am not sure

Unfortunately as much as it would be nice to get the house for you, you cannot afford it is the truth of the matter

pelirocco

Bullfighter wrote: »

Sounds like your parents are being mercenary, if they want 'market value' then let them get 'market value'.... oh and don't bother visiting them in the old peoples home.

And why shouldn' they get market value? Surely the idea that you shouldnt visit them unless they hand over money is mercenary ?

emmylou69

Feisty_Fairy wrote: »

Well i think My Dad wants to buy a new place with his new partner, because of his age he couldnt get much of a mortgage, so i thik he wants to put his money in and his new partner have a mortgage for the other half. My mum just wants what is hers, she is happy in her council flat close to family.

How come your Mum is entitled to a council flat when she owns a property herself, which is sitting empty? Seems very wrong to me...

Can't help with the mortgage situation though, sounds like there is no way you can do it on those figures. It can be incredibly hard to find an extra £5k never mind £40k.

Good luck with whatever you do though.

poppysarah

How much is their house worth and how much mortgage do they have?

Feisty_Fairy

poppysarah wrote: »

How much is their house worth and how much mortgage do they have?

They dont have a mortgage on it its all paid and they have had it valued at £175,000 in the ecenomic climate, its worth more though, just wouldnt get it at the mo.

Mum is in a council flat close to family because she is ill due to the bad breakdown of the marriage. She has been under the doctor etc and this is why.

andyt8

House swap was the obvious but been discounted. My brother did that and then paid the rest of us siblings to compensate for the difference.

How about buying dad out who needs the money for new house with new girl and pay what you can to your mum and then defer payment for the rest to her and pay a small proportional amount of rent to her for her part.