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Buying a portion of parents home

Pipster0408
Pipster0408 Posts: 1 Newbie
in House buying, renting & selling
Hi helpers

My parents own their property valued at £375,000 without any mortgage (parents are 63 and 71.)

Equity release is poor value and I would like to keep the property in the family.

Is it possible to get a mortgage for, say £100,000, which I could give to them and they could pay a market rent on that portion of their property that they have sold to me?

Or is there any other way I'm missing?

I don't have any substantial savings that I could use to purchase the house outright hence only looking to part buy.

Any and all help would be appreciated.

Cheers
Pip

Comments

  • Bluebirdman_of_Alcathays
    Bluebirdman_of_Alcathays Posts: 2,859 Forumite
    Why don't they just leave it to you in their will?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Pipster0408 wrote: »
    Is it possible to get a mortgage for, say £100,000, which I could give to them and they could pay a market rent on that portion of their property that they have sold to me?

    It's not possible to have a mortgage secured over "your" portion of the property - all the joint owners would need to be parties to the mortgage.
  • swingaloo
    swingaloo Posts: 3,524 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Why is it that when someone, usually a newbie, asks a question someone has to come along with a remark or counter question which does nothing to help the OP, rather than trying to help answer the question which is the whole point of the forum.

    The OP mentions equity release so perhaps the parents need cash.

    Sorry OP I dont know the answer but Im sure someone helpful will be along shortly.
  • marksoton
    marksoton Posts: 17,516 Forumite
    swingaloo wrote: »
    Why is it that when someone, usually a newbie, asks a question someone has to come along with a remark or counter question which does nothing to help the OP, rather than trying to help answer the question which is the whole point of the forum.

    The OP mentions equity release so perhaps the parents need cash.

    Sorry OP I dont know the answer but Im sure someone helpful will be along shortly.

    You really have to ask?

    Especially on a £375,000 property and the OP has little savings.....
  • swingaloo
    swingaloo Posts: 3,524 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    marksoton wrote: »
    You really have to ask?

    Especially on a £375,000 property and the OP has little savings.....


    No, I small a rat as well but my original remark still stands.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Or is there any other way I'm missing?
    Any other way of what ? Evading IHT? Evading care home fees? Releasing money because they are skint and need a cash injection?
  • marksoton
    marksoton Posts: 17,516 Forumite
    swingaloo wrote: »
    No, I small a rat as well but my original remark still stands.

    Well not really.

    But anyway judging by the information given the answer is going to be the same.

    No.
This discussion has been closed.
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