Would I get a mortgage in this situation

subcapsular

Hi all

I wonder if you can help.

Me and my wife 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 property in a area closer to me and 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 property 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 will the bank still borrow us the money.

Also my parents have one other buy to let property which has a 50% mortgage on it and is self paying. We don't want to sell or include this as its part of there pension pot.

Thanks for the advise sorry for the long winded thread

Just want an idea on affordability.

ACG

Im assuming this is in England/UK? (Just checking as you say mom but use £ symbol).

Assuming it is uk based, can i just clarify the end result you want is to buy a house worth £800k in yours, your partners and parents name?

subcapsular

Hi yes

Whatever means possible really as the house we are living in now although is currently on my parents name it's a joint home in which I have too invested money. I am lucky enough to have a good relationship with my parents and the house will be mine at some point in any case.

Thanks

ACG

I think the figures are a bit tight, but i have just run it through a calculator and it seems to fit with some margin - based on a £65k income.

I would imagine there will be a lender for this, probably at normal rates. Get a broker involved and i think you will be fine.

subcapsular

Thanks.

That's given me some hope.

I can probably raise my deposit to £100,000 by borrowing from family.

My only other concern is selling my house in time?

What options do I have if my house doesn't sell as quickly as I hope?

Do banks offer any sort of bridging when taking on mortgages.

Thanks

ACG

You would need to get a bridge and have a mortgage lined up waiting.. you couldnt get a bridge for the difference i dont think.

I think because of the numbers involved, it is probably going to be reliant on you selling the property.

Yorkie1

subcapsular wrote: »

Thanks.

That's given me some hope.

I can probably raise my deposit to £100,000 by borrowing from family.

My only other concern is selling my house in time?

What options do I have if my house doesn't sell as quickly as I hope?

Do banks offer any sort of bridging when taking on mortgages.

Thanks

Be aware that if the deposit is genuinely borrowed / a loan, rather than outright gift, then this is likely to impact on the lender's affordability calculations. If it is to be gift, then the donors will need to sign a document confirming that it is an outright gift. To falsely sign such a document when there is in fact a requirement to repay, would constitute fraud. Not saying you'd do this - just alerting you to the issues raised if a deposit doesn't come just from those on the mortgage.