Best option Help!!

ixia

My dad has recently has a heart attack and suffers badly from asthma. He owns his house with no mortgage owing on it. The house is too big for him and bedrooms are upstairs he thinks it would be easier to downsize and get a house with no stairs.

One is up for sale just 2 mins from his house and would be perfect.

My question is what is the best way forward for us to buy this for him?

ideally would be to sell his and use cash to buy new house but his house needs work done before you could put it on the market and chances are the house he is interested in will be gone by the time we get his on market.

My sister and I could take a joint mortgage out in our names to buy it but how would that work if his was sold and we then paid the mortgage off.

does anyone have any other suggestions as options we could look at.

Thanks

theoretica

I think a mortgage company would try to hit you with every fee going for taking out a mortgage and repaying it really soon. I wonder if it would be worth finding out what a property developer/dealer would give for your dad's house as is. It would at least give a fixed point!

ACG

There are lenders who will not charge early repayment charges or upfront fees, but not many.

Dave_Ham

There are several options, although would suggest you all sit down with a decent mortgage broker or IFA.

There are sensible ways this can be done as ACG rightly said, you can get a mortgage with no ERC's..

You could also take money out of house, do it up and then rent it out subject to a few other variables.

Good advice will give you a good solution..

Good luck...

vulcan1964

Also consider a bridging loan, it can be taken out for 2 weeks to 3 years, requires less stringent lending criteria, and although more expensive than a mortgage does not come with the attached early repayment charges.

A good IFA or independent Mortgage Adviser should be able to get you a name of one that you can talk to for free.

ixia

Thanks to everyone who has answered I think we will make an appointment to speak to someone as suggested.