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Wanting to buy my mums house
pablo009
Posts: 3 Newbie
Hi there, my mother is thinking of selling her house that she owns outright and moving in with my sister. Her original plan was to split the profit and give half to Me half to my sister. Her house hasn't been valued yet but we think it will probably be worth around £120000.
My question is, if I was to get a mortgage of £60000 to buy my sister out and take on the house myself to rent out, would I need a deposit on that £60000 or would they just use the equity in the house as a deposit?
Many thanks
My question is, if I was to get a mortgage of £60000 to buy my sister out and take on the house myself to rent out, would I need a deposit on that £60000 or would they just use the equity in the house as a deposit?
Many thanks
0
Comments
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Your 'deposit' would be the 50% you'd own already.0
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Yep - so you'd have a 50% LTV mortgage on the rest.0
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If you already own your own home with or without a mortgage you might end up paying the EXTRA 3% stamp duty as this would be your second home !!!
If your Mum needs care in the next 7 years the council may ask what did you do with the property you owned.
Deprivation of assets and AGE UK0 -
Also be aware that very few lenders accept gifted deposit/equity on a BTL mortgage - take professional advice (as a family) at this stage.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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