We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

buying parents house under market value

2»

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dazzl wrote: »
    they will be staying in the house with my family.

    That'll be an issue for lenders.

    Why not just lend your parents money every month? This can then be used to repay the mortgage.
  • car0line123
    car0line123 Posts: 104 Forumite
    In a country where people can buy a council house well below the market value but then sell it at market value with huge profit, it would be terribly unfair if you could not find a solution. I wish you all the best!
  • xylophone
    xylophone Posts: 45,757 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Since the intention seems to be to live in an extended family, I am wondering whether it might be possible for you (and spouse) and your parents to be tenants in common. You would have a 30/30/20/20 split?

    Perhaps you could arrange a meeting with the existing mortgagee to discuss this?

    A remortgage for the sum actually owed where you are all on the deeds but you and spouse take on the repayments might be a possibility?

    Legal advice for all parties would be required.
  • tea-bag
    tea-bag Posts: 548 Forumite
    500 Posts
    It might be easier if owned outright to gift the house then get a mortgage against the property.
  • theartfullodger
    theartfullodger Posts: 15,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    car0line123 wrote: »
    In a country where people can buy a council house well below the market value but then sell it at market value with huge profit, it would be terribly unfair if you could not find a solution. I wish you all the best!
    that "profit" paid for by the hard-working taxpayer ....
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture