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Buy next house before selling current home..
jess999
Posts: 2 Newbie
Hi there, my parents own their house outright with no mortgage. Rough value £90,000
They wish to buy a bungalow near myself so I can care for them more easily and they have ground floor living. Cost roughly £200,000
My brother has a large amount of money which he wants to use to help my parents buy the bungalow. About £140,000.
However, we want to purchase the bungalow before selling the house so that it can be 'made ready' for them moving in - they will need certain adaptations due to health issues.
Would they just apply for an ordinary mortgage to release the money, then pay this off when the house sells. Or, is it going to be more complicated?
Thanks
They wish to buy a bungalow near myself so I can care for them more easily and they have ground floor living. Cost roughly £200,000
My brother has a large amount of money which he wants to use to help my parents buy the bungalow. About £140,000.
However, we want to purchase the bungalow before selling the house so that it can be 'made ready' for them moving in - they will need certain adaptations due to health issues.
Would they just apply for an ordinary mortgage to release the money, then pay this off when the house sells. Or, is it going to be more complicated?
Thanks
0
Comments
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How are your parents proposing to fund the mortgage?0
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Who is applying for the mortgage?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for your replies.
They are 80/84 yrs old and would easily pay the mortgage from their retirement income which is around £1,500 pm. They would apply for the mortgage as they own the house they currently live in.
The new bungalow would be purchased cash, with no mortgage needed.0 -
You can get this financed but not on a standard mortgage. See a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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