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Buying a house for the kids
joe_mcclaine
Posts: 101 Forumite
Quick question ...
I currently owe about £3k on my mortgage.
A property near me has come up for sale at about 65% of the current market value and I'd like to buy it with a view to letting my kids live there.
Is it best to go for a brand new mortgage on the new house or borrow against my current property?
Either way, I'd have everything paid off in about 10 years when I intend to semi-retire (aged 55).
Are there any potential hurdles associated with either option?
Good idea?
Bad idea?
I currently owe about £3k on my mortgage.
A property near me has come up for sale at about 65% of the current market value and I'd like to buy it with a view to letting my kids live there.
Is it best to go for a brand new mortgage on the new house or borrow against my current property?
Either way, I'd have everything paid off in about 10 years when I intend to semi-retire (aged 55).
Are there any potential hurdles associated with either option?
Good idea?
Bad idea?
0
Comments
-
Cheapest and easiest way is to borrow against your home.
We cant advise you which is the best, it depends what you want. Securing the lending against your property potentially puts your property at risk should you not make the repayments, but thats for you to decide or an advisor if you speak to one.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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