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Elderly parent house purchase
country_girl_4
Posts: 10 Forumite
Hi everyone
I'm very new to this and have never posted before so please be gentle!
My father who’s in his late 70’s is on the verge of signing his house over to my brother and myself. During a discussion this morning he mentioned he’s seen a bungalow that he’d love to move to. I’m wondering if anyone can offer advice as to whether there’s any way we could achieve this or is this just a dream too far.
He lives in an ex-local authority house with no mortgage which I think would be valued between £100-£120k. I’m taking a wild guess that it would rent for about £100/wk The bungalow is up for sale at £210k.
My husband and myself have a one account (thought was brill till I started to read some of the threads elsewhere but will do something about it!). We have about £25k outstanding and approx £120k equity.
My brother and his wife want to move house this year so will have their own financial commitments.
Dad’s not well off but does receive a fairly comfortable income from several pensions. I don't think that he has any huge amounts stashed away anywhere. I’ve heard of interest only mortgages in the past – would Dad be able to get a mortgage at his age?? Would there be a way of keeping his current house and renting it out to help finance a move?
Any comments/ideas would be great.
Cheers
I'm very new to this and have never posted before so please be gentle!
My father who’s in his late 70’s is on the verge of signing his house over to my brother and myself. During a discussion this morning he mentioned he’s seen a bungalow that he’d love to move to. I’m wondering if anyone can offer advice as to whether there’s any way we could achieve this or is this just a dream too far.
He lives in an ex-local authority house with no mortgage which I think would be valued between £100-£120k. I’m taking a wild guess that it would rent for about £100/wk The bungalow is up for sale at £210k.
My husband and myself have a one account (thought was brill till I started to read some of the threads elsewhere but will do something about it!). We have about £25k outstanding and approx £120k equity.
My brother and his wife want to move house this year so will have their own financial commitments.
Dad’s not well off but does receive a fairly comfortable income from several pensions. I don't think that he has any huge amounts stashed away anywhere. I’ve heard of interest only mortgages in the past – would Dad be able to get a mortgage at his age?? Would there be a way of keeping his current house and renting it out to help finance a move?
Any comments/ideas would be great.
Cheers
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