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Buying house with parents
andymoneysave
Posts: 3 Newbie
Hi, I would appreciate some advice.
My wife and I have a joint income of £75k and have a mortgage of £160k on a house worth £160k. My wife's parents are mortgage free on a house worth £200k. We are looking at buying a house together worth £270k but it needs about 2 months of work doing to it before we could actually move in. Our intention would be to have a mortgage of £170k with her parents paying £100k deposit. Spare equity from their property would pay for renovations.
My question is how best to finance the move? Once both houses are sold I see no issues with it, but as far as I can see we need to own both the new house and at least one other for a period and I'm not sure if we'll be able to finance that?
We both currently have 4 bed houses and no kids so us moving into their house or vice versa for a while is possible. The immediate renovations required to make the house liveable I could pay from a bank loan in the short term perhaps. Selling both houses and moving into rented accom is not an option as the risk of doing so just for the sale to fall through and be left with nowhere is too great.
I have also conisdered that switching our mortgage to a buy to let may be preferable considering low prices and high rents currently, is this possible and does it help or hinder the new purchase?
All advise greatly appreciated!
My wife and I have a joint income of £75k and have a mortgage of £160k on a house worth £160k. My wife's parents are mortgage free on a house worth £200k. We are looking at buying a house together worth £270k but it needs about 2 months of work doing to it before we could actually move in. Our intention would be to have a mortgage of £170k with her parents paying £100k deposit. Spare equity from their property would pay for renovations.
My question is how best to finance the move? Once both houses are sold I see no issues with it, but as far as I can see we need to own both the new house and at least one other for a period and I'm not sure if we'll be able to finance that?
We both currently have 4 bed houses and no kids so us moving into their house or vice versa for a while is possible. The immediate renovations required to make the house liveable I could pay from a bank loan in the short term perhaps. Selling both houses and moving into rented accom is not an option as the risk of doing so just for the sale to fall through and be left with nowhere is too great.
I have also conisdered that switching our mortgage to a buy to let may be preferable considering low prices and high rents currently, is this possible and does it help or hinder the new purchase?
All advise greatly appreciated!
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