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Mortgage and buying advise
Options
GnTLE3043
Posts: 6 Forumite
My partner and I are currently renting and my parents are looking to move nearer to us.
We talked and decided to buy a house together so we could get something larger and use the money from their house sale to fund the deposit.
The house is on the market with no takers and we getting desparate.
We are fisrt time buyers and thinking we might buy their house and rent it out to release the funds from the house to buy our joint new one.
Only problem is we don't have any deposit, anyway we can make this work? Their house is on the market for £115k but looking to accept £105k at rock bottom.
Please help
We talked and decided to buy a house together so we could get something larger and use the money from their house sale to fund the deposit.
The house is on the market with no takers and we getting desparate.
We are fisrt time buyers and thinking we might buy their house and rent it out to release the funds from the house to buy our joint new one.
Only problem is we don't have any deposit, anyway we can make this work? Their house is on the market for £115k but looking to accept £105k at rock bottom.
Please help
0
Comments
-
How much equity do they have?
Why is the move so urgent?
How much would it rent for pcm?0 -
DannyboyMidlands wrote: »How much equity do they have?
Why is the move so urgent?
How much would it rent for pcm?
We've been renting for 8 years and no fed of paying someone elses mortgate plus my dad is now needing a bedroom downstairs so they keen to get moved.
The neighbour's son wants to rent it at £5950 -
DannyboyMidlands wrote: »How much equity do they have?
Why is the move so urgent?
How much would it rent for pcm?
Apologies, forgot to add they have no mortgage0 -
I think that you will struggle to get a BTL mortgage as FTB's with a gifted deposit.
Why not just reduce the price until it sells?0 -
Its on the cards but just looking for advise for other options0
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