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Buy to let and Mortgage for over 70's
aliflint77
Posts: 19 Forumite
Hi there
My parents are having to downsize from their town house because of the stairs, they have paid most of there mortgage except £60k and have say £200k of equity.
We (me, my brother and parents) would like to purchase a new property for them and rent out current property.
But this is more difficult than you would think due to my dad being over 70. We have looked gifted deposits and make the new purchases in mine and my brothers name, but no lender does this for a buy to let mortgage.
So basically we are a bit stuffed, has anyone got any advise ?
What about bridging loans, so me and bro can purchase current property with our own deposit and a but to let mortgage, once sail has gone threw this would free up equity to pay back the bridging loan ?
What about setting up as a small business and buy properties in the company name ?
Any thoughts and comments greatly received
My parents are having to downsize from their town house because of the stairs, they have paid most of there mortgage except £60k and have say £200k of equity.
We (me, my brother and parents) would like to purchase a new property for them and rent out current property.
But this is more difficult than you would think due to my dad being over 70. We have looked gifted deposits and make the new purchases in mine and my brothers name, but no lender does this for a buy to let mortgage.
So basically we are a bit stuffed, has anyone got any advise ?
What about bridging loans, so me and bro can purchase current property with our own deposit and a but to let mortgage, once sail has gone threw this would free up equity to pay back the bridging loan ?
What about setting up as a small business and buy properties in the company name ?
Any thoughts and comments greatly received
0
Comments
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Speak to a broker. May well be a solution for you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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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Can't you just buy the property (on a BTL mortgage) then your parents buy themselves something outright with the proceeds?
I'm sure "get a broker" is the right advice, but not sure it needs any added complexity0 -
the problem is the deposit for the BTL mortgage is tied up in the house we want to purchase0
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Are your parents going to find a suitable property for £135,000 ?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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they will purchase somewhere for about £260k so will require a mortgage for that as well0
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