Buying a Larger house arranging mortgage

subcapsular

Hi all

I wonder if you can help.

Me and my wider currently live with my parents. We have a property which we built ourselves and have lived in for the last ten years or so.

Property is currently on parents name. My mom works and my father is now retired.

Moms net income around £22,000.

The propert is currently mortgage free and valued at around £475,000-£500,0000

We are looking at moving into a slightly larger propert in a area closer to me nd my wife's job.
We are happy to continue living with our parents and they are happy to move with us and use the current property as a deposit.

Property were looking at is around £800,000.

We have around £50,000 in savings.

Me and my partner have a combined gross income of around £65,000.

Mt question is will we get a mortgage for the balance remaining?. Will the current propert have to be transferred to our name .

Also what are our options if we can't sell as soon as we hope as we are keen to put an offer in for the new property .

Also my parents have one other buy to let propert which has a 50% mortgage on it and is self paying.

Thanks formthenadvise sorry for the long winded thread

Just want an idea on affordability.

dominoman

So you need to borrow 300k (if you include stamp duty and moving costs) on an income of 65k? No, you won't get that much.

subcapsular

So how much of a cash deposit would I need on order to get a mortgage?

Also there is room for movement on the house price this is just the advertised price?

Am I way of getting a mortgage for this?