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Buying a 2nd home for family
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Posts: 80 Forumite
Hi I have my own house with around £80k mortgage on it.
I have family who rent out paying about £500 a month.
What we are considering is me buying a 2nd home - and then they would live there and pay off the mortgage. So effectively I'd be renting it to them.
What questions do I need to answer to work out if this could viably work out for us?
I have family who rent out paying about £500 a month.
What we are considering is me buying a 2nd home - and then they would live there and pay off the mortgage. So effectively I'd be renting it to them.
What questions do I need to answer to work out if this could viably work out for us?
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Comments
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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 -
Thanks for that, I did see that thread. What I wasn't sure about is why the other user mentions a £30k deposit - how is that worked out?
So main question I have is:
How to work out how much I could get as a 2nd mortgage? If I get a joint mortgage with my parents, how to work out what we could collectively borrow (Taking into account I already have 1 mortgage)0 -
Now it is getting complex.
Engage 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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