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Buying into parents home

Daddybear85
Daddybear85 Posts: 77 Forumite
Sixth Anniversary Combo Breaker
in Mortgages & endowments
Hi wanted to ask a strange question. Hi looking to buy a share/ pay off parents mortgage. They own most of the house but due to health and money issues have ended up on a interest only mortgage and have got a few years before needing to sell, so me and partner are looking to get our own mortgage to pay off the remaining bit so we can keep house in family and provide us and them with a home for life. Has anyone done anything like this, if so how did the mortgage work and was it an easy process?
2016 was both financially and emotionally. 2017 will be our year.

Comments

  • csgohan4
    csgohan4 Posts: 10,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Will the home be your main home? If not, the mortgage will be buy to let and more expensive.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • amnblog
    amnblog Posts: 12,782 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you are suggesting you pick up the property and move in with them, there will be complications and you will need the help of a good mortgage 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.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    Daddybear85 wrote: »
    They own most of the house?

    Who owns the rest? Unless this is an added complication, what you propose is possible, but there are so many issues involved for both your parents and yourselves.

    Don't even try to do it yourself. Find a good broker and get set for a long haul.
  • Daddybear85
    Daddybear85 Posts: 77 Forumite
    Sixth Anniversary Combo Breaker
    They have bout 100000 left on mortgage which is what we would be buying out that's bout 50% of house value. The rest of it they own and have paid off.
    2016 was both financially and emotionally. 2017 will be our year.
  • Daddybear85
    Daddybear85 Posts: 77 Forumite
    Sixth Anniversary Combo Breaker
    Yes we would be moving in as well.
    2016 was both financially and emotionally. 2017 will be our year.
  • amnblog
    amnblog Posts: 12,782 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Then this will be a tricky case to place and you need the assistance of 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.
  • Daddybear85
    Daddybear85 Posts: 77 Forumite
    Sixth Anniversary Combo Breaker
    Cheers can u advise wat would be a fair price to pay for an initial conversation with a broker?
    2016 was both financially and emotionally. 2017 will be our year.
  • catherinelirian
    catherinelirian Posts: 2 Newbie
    Then this will be a tricky case to place and you need the assistance of a broker.

    goo.gl/axBnJ5
  • amnblog
    amnblog Posts: 12,782 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Daddybear85 wrote: »
    Cheers can u advise wat would be a fair price to pay for an initial conversation with a broker?


    As far as I am aware - even brokers are not currently charging for initial conversations.


    Each brokers will have there own terms on what is due and when.


    Expect to pay up to £1,000 for the full service.
    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.
This discussion has been closed.
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