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Mortgage on new house with old house as collateral
G8311374
Posts: 143 Forumite
Hello. My mum owns my house and rents it to me. However due to ill health I need to move to something all on one level nearer to hospital. We are in a situation where bungalows are double the value of what my house is but a ground floor flat would be approximately the same and have no further savings to put towards a property as everything went into this house 3 years ago. My question is for mum to maximise her investment could she use my house as collateral to get a 100% buy to let mortgage from the bank so she can buy me a flat and I rent off her. She would then have two incomes coming in which should more than cover the cost of the mortgage.
I know we could just wait and sell this house but what scares me is before we bought it, it had been on the market for 3 years and I know I can't manage in here for that long as I have been having loads of falls etc.
Any advise please.
I know we could just wait and sell this house but what scares me is before we bought it, it had been on the market for 3 years and I know I can't manage in here for that long as I have been having loads of falls etc.
Any advise please.
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Comments
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There are many 'holes' is this plan but there could be a solution. Engage a mortgage 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 -
100% Buy to Let mortgage. That will probably not happen!0
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