Home deed transfer, mortgage tranfer, buy to let and some. Need help please.

nitsydes

Been lurking on the forums for ages and decided to take the plunge and ask my question.

Situation
Live in a house which is owned by my mother who hasn't been able to work for a decade. There is a mortgage left on the property, which has been paid for by my father for a long time and by myself and my wife recently.

Essentially we were not able to change the name over to my dad in the earlier days as we couldn't afford the fees.

We are looking to buy a new property soon and potentially convert this one to a buy to let.

What am trying to figure out would be the best method?

There is roughly 20k left on the mortgage, would like to take further 60k out to put down as a deposit for a bigger place for all of us to move in to and rent this house out.

I've looked into the numbers involved but not so sure on how the mortgage changeover would work.

Would like to change the name over to my father, mine and my wife's as we will be able to get a mortgage for this place and the potential next one too.

Does this seem overly complicated is there a simpler solution?

Any advice would be greatly appreciated.

Thrugelmir

nitsydes wrote: »

would like to take further 60k out to put down as a deposit for a bigger place for all of us to move in to and rent this house out.

Your options may be limited given the purpose of the equity withdrawl. Property is no longer an ATM.