Advice on inherited house

juliekn

Can anyone advise me about getting a mortgage please?
I am a 60 year old woman living in a rented house in Suffolk. I have inherited 50% of a house in Yorkshire. This house is in need of modernisation.
I would like to use this inheritance to give me some security, as I worry all the time about losing my rented home. However, I don't want to live in Yorkshire just yet, though may consider it in the future.

As far as I can see I have 3 opritons.
1/ Get a mortgage for the other 50% of the house, plus a little extra to renovate it and then live there (would mean finding another job)

2/ Get a mortgage for the other 50% of the house, plus a little extra to renovate it and rent it out until I am ready to move

3/ Sell the house and try to find an affordable property in Suffolk (extremely difficult as house prices are high in my area)

Does anyone know if any of these options would be feasible for me? How hard (or easy) is it to get a mortgage for a buy to let property if you don't own your existing home?

Dan-Dan

Who owns the other half?

booksurr

1 & 2: see a mortgage broker or ask on the mortgage board not the housing board given we have no idea of your affordability position

there are a few lenders who will give BTL mortgages without you owning a residential property. You will need to search to find them. Also BTL requires a 25% deposit and the rental income needs to be at least 145% of the mortgage payment. So you could borrow the 50% you need in theory

3: rather depends who the other owner is surely

missbiggles1

What does the person who owns the other 50% want to do?

foxy-stoat

Due to your age, I would try and sell it to the other party or jointly sell it and use the cash to buy a mnore suitable property or invest it as best you can for secuirty.

TBagpuss

Option 4 might be to sell the house in Yorkshire and then buy a property which would be suitable for you to live in there, when you retire, and rent in out in the mean time, or alternatively, sell and invest the money elsewhere with a view to buying either on reitirement, or if you are able to make other savigns for a deposit.

I'm not sure I would recommend becominga landlord for a property so far from where you are living, as there are a lot of onligations as a landlord.

AdrianC

All three options depend entirely on what the other beneficiary wants to do with their half. Unless they want to sell it, you cannot buy it, nor can anybody else.

If, though, THEY want to buy your half, you have a nice easy exit option.

If they want to keep their half, and can't or don't want to buy your half, that's where the fun begins.

xylophone

Is the other person willing to sell the house?

If so, would you have enough (with a mortgage) to purchase a flat in Suffolk?

http://www.money.co.uk/mortgages/mortgages-for-over-60s.htm

G_M

Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?