Take Home £3800 per month is £1000 mortgage manageable

riverboat2001

Yep, you missed the bit where i said i'm currently living in my Mums property (500k owned outright)
Without going into detail, Mum has been very good to us, and we are more than happy to wait for her to retire before we sell our flat.

So, it all seemed quite simple to us to start with.

Buy new place, pay interest only, when Mum retires, she moves out into the country, (yep, the house we will have vacated,) and we sell the flat, and hopefully end up either mortgage free or with a very low repayment mortgage.

Also think we might be offered Volutary Severance and both have a final salary pension scheme.

So long term, we should be good, just bit strapped at the moment.

riverboat2001

Back to the original point.
I spoke to the Ea today, to see if there had been any more viewings out offers on the house we are interested in. He said the seller had received an offer of 265K, to which I replied, " well if I was the seller, I would bite his hand off" the Ea said " yes, that's what I've told him"
Ea then asked me if we could offer something on the same region. I said no, our maximum was 247k, as this is what the house next door had sold for, and in any case l wasn't going to break the 250k stamp dutythreshold.
The Ea then told me that the new offer was dependent on the viewers daughter got into the "right" school in the area.

getmore4less

Yep, you missed the bit where i said i'm currently living in my Mums property (500k owned outright)
Without going into detail, Mum has been very good to us, and we are more than happy to wait for her to retire before we sell our flat.

How long will this place be empty till mum retires and moves back in?

Empty house in the country will become a target.

Another option (on paper to please the lenders)

Have mum pay market rent to get the flat/mortgage off the affordability calculations.

(oh you have notified the lender/insurance you are no longer living there and you have a relative in the place?)



£225k @ 5% is around £2kpm repayment over 12 years so should be feasable on the current income with cutbacks how old are you, our lender allowed the mortgage to 65 of the youngest.

get a better rate and a few more year and payments could get down to £1500-£1600.

If mum living in the place is temporary till she packs up work what about selling and her renting, this saves a lot of selling logistics on an empty flat later.

Why the need to move out of the place you live in and buy now, having 3 propeties in this climate is risky.