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advice please
wooders
Posts: 159 Forumite
Hello, I'm looking for a little bit of advice...
Circumstances are;
My Sister lives in a 2 bed terrace in Yorkshire in a house bought cash by her father in law 3 years ago.
The deal was that they would save up a deposit in 5 years to get a mortgage and buy it from him.
now my part....
I will be looking to move back up north in approx. 10years, I've had an early discussion about buying the house and allowing them to stay there, pay me rent until
A. they want to move (likely to be in next 3 yrs as now +1)
B. I want to move in
The cost of the house is reasonably low.
other complications... I have a fairly well paid job, but I don't live or own my house in London, I rent.....
Bearing in mind I'm likely to move into this house can I get a standard mortgage? or would I be bound to have a buy to Let + complications of family involvement.
I am aware of the FAMILY WARNINGS so please don't reply DONT DO IT etc
thankyou
Circumstances are;
My Sister lives in a 2 bed terrace in Yorkshire in a house bought cash by her father in law 3 years ago.
The deal was that they would save up a deposit in 5 years to get a mortgage and buy it from him.
now my part....
I will be looking to move back up north in approx. 10years, I've had an early discussion about buying the house and allowing them to stay there, pay me rent until
A. they want to move (likely to be in next 3 yrs as now +1)
B. I want to move in
The cost of the house is reasonably low.
other complications... I have a fairly well paid job, but I don't live or own my house in London, I rent.....
Bearing in mind I'm likely to move into this house can I get a standard mortgage? or would I be bound to have a buy to Let + complications of family involvement.
I am aware of the FAMILY WARNINGS so please don't reply DONT DO IT etc
thankyou
One day I'll be rich me tells ya.....rich.....hahaha:D
0
Comments
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Hello, I'm looking for a little bit of advice...
Circumstances are;
My Sister lives in a 2 bed terrace in Yorkshire in a house bought cash by her father in law 3 years ago.
The deal was that they would save up a deposit in 5 years to get a mortgage and buy it from him.
now my part....
I will be looking to move back up north in approx. 10years, I've had an early discussion about buying the house and allowing them to stay there, pay me rent until
A. they want to move (likely to be in next 3 yrs as now +1)
B. I want to move in
The cost of the house is reasonably low.
other complications... I have a fairly well paid job, but I don't live or own my house in London, I rent.....
Bearing in mind I'm likely to move into this house can I get a standard mortgage? or would I be bound to have a buy to Let + complications of family involvement.
I am aware of the FAMILY WARNINGS so please don't reply DONT DO IT etc
thankyou
1: whats in it for them?
2: you'd be a landlord, rent subject to tax, depsoit protectm, gas safety, epc, repairs, etc.
3: you are unlikely to get a BTL mortgage
4: yes you need a BTL mortgage
5: - the one i get confused about - you're giving them an assured tenancy, so it's more difficult to evict (someone remind me here...)0 -
If you're buying the house but won't be living in it for several years, I can't see how you'd be allowed to buy it on a regular mortgage unless you're planning to lie to lenders and say you'll live there when you know you won't (beware: this is fraud and would be taken very seriously if anyone found out).
If you're not planning to move up and actually live in the house for 10 years, you'll have to purchase using a buy to let mortgage. You can't get a regular mortgage on the basis that you'll move into the property in a decade's time, but want to rent it out first.0 -
You have no intent to reside in the property, so it's not a residential mortgage.
You own no residential property and you intend to let to family, making this a regulated BTL.
Sorry, I have to say this looks like a non-starter.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 -
1. Longer to save without pressure on them to do it
2. Thought as much but hoped a way to do differently ie family?
3. again weren't sure with the BTL
4.
"
5. eviction wouldn't come into it, but get what you are saying
thanksOne day I'll be rich me tells ya.....rich.....hahaha:D0 -
I won't say don't do it, I'll just say that you can't do it
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Forget about it altogether, that's my advice.
Do they no longer want to buy it now then from father in law.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
cheers 4 the advice, think plan BOne day I'll be rich me tells ya.....rich.....hahaha:D0
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