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Advice please
APW
Posts: 4 Newbie
We are trying to get our elderly parents to live in a lodge in our garden. The lodge and citing etc. will cost about £70K and we are looking for advice on how to finance it.
They are mortgage free and their house is worth about £120K, they are both in their middle eighties. They would like to finance without selling their house.
Would it be possible to get a mortgage/loan on their property and finance the repayments by renting it out? Will their ages be a problem?
Is there another solution?
Any advice would be gratefully received.
Thanks,
Andy.
They are mortgage free and their house is worth about £120K, they are both in their middle eighties. They would like to finance without selling their house.
Would it be possible to get a mortgage/loan on their property and finance the repayments by renting it out? Will their ages be a problem?
Is there another solution?
Any advice would be gratefully received.
Thanks,
Andy.
0
Comments
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you could get a BTL mortgage on the property but it's finding a lender willing to do it. I have a suspicion there might be one or two provincial building societies who will do upto age 90.
Why don't they just sell and use the equity to build the lodge? has to be an easier option and less stressful.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0
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