Need to move but stuck advice needed please

Iwanttomove

My mm and dad bought us a house (remortgaged my parents house to buy this) however we are having lots of problems in our new home and I don't know how much longer I can cope. We are all desperate to move (I know it seems ungrateful but really I'm not I am just at my wits end). We are in a 2 year fixed rate mortgage.

My question is would it be possible for us to move house and how would we go about this? We would need to buy somewhere else in the same circumstances ie. my parents .

Any help would be greatly appreciated.
Thanks

Thrugelmir

Much will depend on your financial circumstances.

Why need your parents be involved?

Iwanttomove

Thanks for your reply.

We couldn't get a mortgage (bad credit -me) so my mum and dad kindly offered to help as our landlord at the time (my oh's dad) gave us 2 weeks to move out as he had sold his house! My mum and dad stepped in and remortged their house to buy ours. It's a repossession (bought cheap) we are really grateful to them for helping us it's just where we are (we acted quickly rather than thinking) we wanted to be close to my parents and my oh's sister.

We make the mortgage payments and gave my mum and dad a few grand to pay fee's and put towards etc.

We are 8 months in to our mortgage.

Does that help?
Thanks

Thrugelmir

Hope your parents are declaring the income. As the mortgage payments constitutes rent in the eyes of the taxman in the hands of your parents.

I cannot stress how problematic this may for them if allowed to continue for a number of years. The penalties for non declaration are severe.

Nothing to stop your parents selling the property and buying another. Though there'll be fees to pay.

Has the property gained significantly in value?

ACG

Most mortgages have whats called an early repayment charge - this would typically be anywhere between 2-5% of the mortgage amount.

It would be declared on the Key Facts document you (or your parents) would have received. It usually drops year on year so you would probably be financially better of waiting until 12 months, although double check this on your paperwork.

Iwanttomove

Hi thanks for your replies.

Yes my parents have declared this to the tax man. My dad has another property he let's out so they are fully aware of the things they need to do and the implications. I don't think it will have gained too much in value just yet.

Thanks ACG I will take a look at that.

Thanks again

The_J

Wait, the mortgage is not on the house you live in so if you sell that then you'll (your parents) have the value of that property in cash which you can put down to buy another property outright?

Why can't you do that?