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can a pensioner get an interest only mortgage?
granoftwo
Posts: 10 Forumite
I want to buy my daughter,s house with my son. On a 50/50 basis as tenants in common (so that she can move quickly).
My pension is around £10.500 pa would I get an interest only mortgage on this for the couple of years it takes to resell the property (some upgrading needed) and given i already own half of my present home as a tenant in common and have equity of around £60.000 in that? Any advice gratefully received.
The property in question is worth £75000 to£ 80000
My pension is around £10.500 pa would I get an interest only mortgage on this for the couple of years it takes to resell the property (some upgrading needed) and given i already own half of my present home as a tenant in common and have equity of around £60.000 in that? Any advice gratefully received.
The property in question is worth £75000 to£ 80000
0
Comments
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I can't comment on whether you'd be able to get a mortgage yourself, but I do know if you would like to buy your daughters house with you son, then you would have to take out a joint mortgage together as neither one of you can have a single mortgage on a jointly owned property.0
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There was a discussion on this in the asylum:
https://forums.moneysavingexpert.com/discussion/3852253
It seems it may no longer be possible.Been away for a while.0 -
This discussion has been closed.
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