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Flat selling to relative
Car1980
Posts: 2,580 Forumite
My wife and I are just about to put our flat on the market for £125k.
We owe £64500 on the mortgage.
My mother is planning to sell her house in 2 years, downsize and put the excess into a buy to let flat (the profit would go into a pension pot for me).
She should get £300k for her house.
Would it be feasible for her to get a 2 year interest-only mortgage with no deposit (she is 64) , buy my flat, and then utilise the profit from renting out (say £500 a month)
I'll put it to our mortgage advisor, but before I do I just want to to check I'm not talking ars* over elbow (mother's words).
We owe £64500 on the mortgage.
My mother is planning to sell her house in 2 years, downsize and put the excess into a buy to let flat (the profit would go into a pension pot for me).
She should get £300k for her house.
Would it be feasible for her to get a 2 year interest-only mortgage with no deposit (she is 64) , buy my flat, and then utilise the profit from renting out (say £500 a month)
I'll put it to our mortgage advisor, but before I do I just want to to check I'm not talking ars* over elbow (mother's words).
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