Preparing for first mortgage

djwolf

Unfortunately it looks like my parents will be separating within the next 2-3 months. We all currently live in the same house which has been paid for. Me and my mum have decided it's best to stay where we are due to stress of moving elsewhere etc. We will need to buy my dad out so I will be taking out a mortgage for just under half the value of the property (he is happy with this). The mortgage will be in my name only as my mum is coming up to retirement age and is self-employed in any case. However, she is going to help with the mortgage payments and bills. It looks like I'll get a decent fixed rate for a few years.

We will see a Solicitor to get things drawn up properly as there's a reasonable chance one of us may wish to move out in future. This means the house would need selling and we would need to settle up the figures.

I know my current loan and credit card debts need clearing and that's going to be sorted. Just feeling a little wary about this as I've never had a mortgage before. Is there anything else I need to be aware of? Does it matter much how many years I choose for the mortgage? Are there high fees for changing providers at the end of fixed terms? Are mortgage rates likely to shoot up in the future?

Thanks.

getmore4less

You will have trouble mortgaging 1/2(about) a house on your own when the other person that is living there owns the other 1/2 is not going to be joint on the mortgage