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Complicated mortgage plan. Advice please!
joshthw
Posts: 3 Newbie
Long story.
Mum & step-dad divorced. They have a joint mortgage on their house.
At the moment he is living in the house as the house is on the market.
I want the house, but can't afford the full mortgage as of yet, but my mum has said if I buy my step-dad out of the mortgage, I can move in, until I can afford to buy her out too, and make the house mine.
The house is up for £200,000.
They have £110,000 left to pay off
I can afford about £130,000.
Can someone please advice on how this may be possible, and how it would work?
Thanks
Josh
Mum & step-dad divorced. They have a joint mortgage on their house.
At the moment he is living in the house as the house is on the market.
I want the house, but can't afford the full mortgage as of yet, but my mum has said if I buy my step-dad out of the mortgage, I can move in, until I can afford to buy her out too, and make the house mine.
The house is up for £200,000.
They have £110,000 left to pay off
I can afford about £130,000.
Can someone please advice on how this may be possible, and how it would work?
Thanks
Josh
0
Comments
-
Is step dad expecting a payment of £45k in order to walk away?
If so, do you and your Mum earn enough between you to get a joint mortgage of £155k over a reasonable term? (Reasonable term is probably about 70 years - Mum's age).
Will you and your Mum both live in the property once the step dad is bought out?0 -
Yeh he is, and we should be able to get that joint easily.
No, it will be me and partner living there, but I cant afford to buy the house in full myself yet.0
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