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Buying a house for my mum!
sparkychris
Posts: 572 Forumite
Evening team!
In a nutshell... mum lives in a house valued at 140 000, she's seen a flat she wants valued at 90 000. She owes about 28 on her house.
She's just put her house on the market to buy this flat but I've a feeling it will get snapped up pretty quickly.
I live in a rented house, earn about 30k and have about ten grand in the bank.
My credit score, I imagine, is good. I have no loans or credit card debt.
I had a mortgage once but sold my house about 10 years ago.
How would it work if I were to buy this flat for mum, to secure it, and transfer it into her name when she sold her house?
I would not want to be out of pocket at the end of it and she would want to live mortgage/rent free.
This flat is on the same street as her sister and it would make her immeasurably happy to live there....
Help me out, team!
In a nutshell... mum lives in a house valued at 140 000, she's seen a flat she wants valued at 90 000. She owes about 28 on her house.
She's just put her house on the market to buy this flat but I've a feeling it will get snapped up pretty quickly.
I live in a rented house, earn about 30k and have about ten grand in the bank.
My credit score, I imagine, is good. I have no loans or credit card debt.
I had a mortgage once but sold my house about 10 years ago.
How would it work if I were to buy this flat for mum, to secure it, and transfer it into her name when she sold her house?
I would not want to be out of pocket at the end of it and she would want to live mortgage/rent free.
This flat is on the same street as her sister and it would make her immeasurably happy to live there....
Help me out, team!
:cool::cool: lurker:cool::cool:
0
Comments
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Probably easier and not much difference in cost to knock £5k off mums house for a quick sale.
Make sure the sellers of the flat know your mum wont need a mortgage.0
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