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Advice please for purchasing house next door
Rosie_L
Posts: 3 Newbie
Hi, any advice would be greatly appreciated.
My neighbours have decided to sell and are going to put on market as have seen another investment. They are putting it up for sale for £270,000. My parents are wanting to buy the property to live in but they havent sold their house yet. There house is fully paid worth around £360,000 but they are both retired. We said we could help them get a mortgage as we both have good incomes until their house sells or even rent out but someone has just told me they wouldnt give us one as we live next door to it? My neighbour wants to sell asap so we havent got much time. Advice please
My neighbours have decided to sell and are going to put on market as have seen another investment. They are putting it up for sale for £270,000. My parents are wanting to buy the property to live in but they havent sold their house yet. There house is fully paid worth around £360,000 but they are both retired. We said we could help them get a mortgage as we both have good incomes until their house sells or even rent out but someone has just told me they wouldnt give us one as we live next door to it? My neighbour wants to sell asap so we havent got much time. Advice please
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Comments
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How do intend helping them obtain a mortgage?0
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What's the mortgage situation with your own house?0
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We own over 60% of our house0
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Im unsure, can we get a second mortgage, buy to let or remortgage ours.0
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We bought the house next door to us. All we had to do was tell the lender that we didn't intend to knock through and turn them into one. No problems after that.0
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You will struggle to get a buy to let mortgage that allows them to live in the property.
You won't get a residential mortgage on it.
They could re-mortgage their property buy to let and use the cash to buy next to you (subject to underwriting).
Finally, they could get bridging finance to buy now whilst their current house is sold.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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