Mortgage with parents, advice please

Debtgoing

getmore4less wrote: »

Thaat does not sound good,

If they can't manage on their income then using capital to support it is a very risky stratagy.

Im sure they can, Im just saying that they probably dont want to put all that money back into a house. I have no idea how much they have in the bank, savings and from both their private pensions. They retired at 57 and haven't worked a day in spain for the last 5 years so I think they'll be fine. Anyway, its beside the point, Im asking for ideas on ways I can do this with my parents and ways it can help me.

Debtgoing

koexelek wrote: »

Problem you have here though is, most lenders forbid you to rent your house to relatives with their buy to let deals.

What about just getting a normal mortgage and having my parents live there? How would the lenders know?

Annisele

Debtgoing wrote: »

What about just getting a normal mortgage and having my parents live there? How would the lenders know?

Nobody here is going to advise you to breach the conditions of your mortgage.

You will also find that the lender asks you who is going to be living in the property. If you truthfully say that your parents will be living there without you, then you won't get a standard residential loan. If you lie, then you will have obtained mortgage finance by deception (aka fraud) - and nobody is going to advise you to lie to a lender either.

Edit: What I've written sounded harsher than I intended - I know you're not intending fraud, I just don't think you could go down the route you've suggested without actually committing a fraud on the lender.

Debtgoing

Annisele wrote: »

Nobody here is going to advise you to breach the conditions of your mortgage.

You will also find that the lender asks you who is going to be living in the property. If you truthfully say that your parents will be living there without you, then you won't get a standard residential loan. If you lie, then you will have obtained mortgage finance by deception (aka fraud) - and nobody is going to advise you to lie to a lender either.

cool, understood, thanks

Trollfever

They own a house in spain with no mortgage which they are going to sell and move back to the UK. It should sell for something like £250,000

I have been told that properties in Spain are very difficult to sell.

Debtgoing

Trollfever wrote: »

I have been told that properties in Spain are very difficult to sell.

Are all your posts that helpful? Do you trawl the internet looking for places you can put unhelpful comments? Thats pretty cool, I hope my post count can be as high as yours one day

Debtgoing

Thanks to everyone else who has answered my querstions. Im gonna speak to my parnets with these ideas and see if we can come up with something. Chances are they have a better idea than me but I just wanted to get some options to bring to the table because its as much about helping me as it is about helping them.

ViolaLass

Debtgoing wrote: »

well regardless of that, I dont think they'd be able to afford a a decent sized 2 bed place where they'd want it and they'd probably want to keep some of the money from the house back as the cost of living over here is more.

I don't get how this makes sense if they're then going to spend some of the money on a mortgage or rent.