Buying remainder of house from MIL!

benbrown

Hi all,

Have been looking through the forums to try finding a similar situation but can't see one (or search very easily for it either!). Any advice much appreciated.

Wife and I are first time buyers, with my wife being in the fortunate position of owning a 50% share of her mothers 2nd home (that she herself inherited). We are looking to buyout the other half and potentially renovate/extend the house.

The house is worth approx £350000, we have savings that we are wondering what to do with...either part deposit / part fund renovation.

I am self employed with earnings varying year on year, averaging around 35k, wife is part time on 15k.

We are wondering whether people could offer advice on how 'mortgagable' we are, how to find balance between deposit/mortage amount and cash for renovation, and generally how to start all this process off as we are complete novices!

Any advice really appreciated and especially if you've been in this situation before!

Thanks so much

Ben

betmunch

Seems like a decent case to me, although your wife isnt a first time buyer. I think that helps.

Just go see a local broker and discuss with them.

Anyone half decent should have it sorted pretty quick, unless theres a problem thats not given away by your post