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Too difficult to buy?
Gazzerb
Posts: 7 Forumite
I'm just over a year into a 5 year fixed deal.
I've seen a property I'm interested in buying - the house needs work but is ideal for what I need for the next 5-10 years. Nationwide have refused to port my mortgage to the new property (I was going to take a b2l out on the current one - I have between 90 & 100k equity in it) & I don't really fancy 4k fees to get out of it.
I'm now looking at buying the property in my mums name and take out additional borrowing against mine to carry out the works. We've just discovered my Mum has managed to knock herself off the electoral roll. What are the chances of her getting a mortgage? I'll be 'gifting' her a 15% deposit
I then intend to change the current property over to be a let property & live in the new one.
What implications will this have in a couple of years once I can remortgage the current one as a buy to let & 'buy' the new one from my Mum?
I've seen a property I'm interested in buying - the house needs work but is ideal for what I need for the next 5-10 years. Nationwide have refused to port my mortgage to the new property (I was going to take a b2l out on the current one - I have between 90 & 100k equity in it) & I don't really fancy 4k fees to get out of it.
I'm now looking at buying the property in my mums name and take out additional borrowing against mine to carry out the works. We've just discovered my Mum has managed to knock herself off the electoral roll. What are the chances of her getting a mortgage? I'll be 'gifting' her a 15% deposit
I then intend to change the current property over to be a let property & live in the new one.
What implications will this have in a couple of years once I can remortgage the current one as a buy to let & 'buy' the new one from my Mum?
0
Comments
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Presumably your mum will not live there meaning her disposal will be subject to capital gains tax.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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How long would she have to live' there before this wouldn't apply?'0
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Looking at the amount of interest in the property I may have to go higher than I anticipated. What are the rules around taking out a second mortgage and using these funds towards another house?0
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