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Which Mortgage?
Chunk1976
Posts: 2 Newbie
My first post 
I would like some advice so I can consider my options before I approach a mortgage broker - at the moment I don't know which type of mortgage I should apply for.
This is my situation:
I have saved up some money and I'm thinking about investing in a property close to where I live as the area is being regenerated. The money saved is enough for a 25% deposit.
My husband and I have a mortgage on our own home with about 30% equity in the house. When initially taking on the mortgage the bank said we could have borrowed twice the amount of what our house is worth today so we are in a strong position to borrow more.
My mother is currently privately renting which is incredibly expensive and it's unlikely she'd ever get a mortgage in the South East.
I'd like to be able to provide a home for my mum at 'cost'.
What are my options???
Can we get a residential mortgage jointly with her but we own 100% of the deed - what are the pros/cons?
I've heard of regulated Buy to lets - who sells them and what kind of rates are we talking about? Again, what are the pros and cons?
many thanks
I would like some advice so I can consider my options before I approach a mortgage broker - at the moment I don't know which type of mortgage I should apply for.
This is my situation:
I have saved up some money and I'm thinking about investing in a property close to where I live as the area is being regenerated. The money saved is enough for a 25% deposit.
My husband and I have a mortgage on our own home with about 30% equity in the house. When initially taking on the mortgage the bank said we could have borrowed twice the amount of what our house is worth today so we are in a strong position to borrow more.
My mother is currently privately renting which is incredibly expensive and it's unlikely she'd ever get a mortgage in the South East.
I'd like to be able to provide a home for my mum at 'cost'.
What are my options???
Can we get a residential mortgage jointly with her but we own 100% of the deed - what are the pros/cons?
I've heard of regulated Buy to lets - who sells them and what kind of rates are we talking about? Again, what are the pros and cons?
many thanks
0
Comments
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A residential mortgage on a second property for a relative to live in.
A regulated BTL will be based on your personal incomes just like the above and will be at a higher rate.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »A residential mortgage on a second property for a relative to live in.
A regulated BTL will be based on your personal incomes just like the above and will be at a higher rate.
What is the difference between the two?0
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