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What options do we have???
PollyPuzzle40
Posts: 1 Newbie
Hi,
My mum has signed over a property to my husband and i and we are unsure what to do next!! Ideally we would like to keep the property, convert the loft and complete general wear and tear issues while living in it. Hopefully after two years we can move out to a bigger property and rent out my mums. Are we best taking out a mortgage to complete work and pay off debts or a homeowner loan? I have no income at the moment (student and new baby) but should be working within the next two years so any loans or mortgages would be taken out by the hubby who earns £25k/annum. We have thought about selling the house but it is in a very popular area and with an extra bedroom could have a potential rental income of 12k/annum, although, we could also sell it as it is, use the money as a deposit and only have to take out a £50k mortgage to get a big enough house in a nice area. We have always rented so have no clue about mortgages and no current savings. Any help would be great!!
My mum has signed over a property to my husband and i and we are unsure what to do next!! Ideally we would like to keep the property, convert the loft and complete general wear and tear issues while living in it. Hopefully after two years we can move out to a bigger property and rent out my mums. Are we best taking out a mortgage to complete work and pay off debts or a homeowner loan? I have no income at the moment (student and new baby) but should be working within the next two years so any loans or mortgages would be taken out by the hubby who earns £25k/annum. We have thought about selling the house but it is in a very popular area and with an extra bedroom could have a potential rental income of 12k/annum, although, we could also sell it as it is, use the money as a deposit and only have to take out a £50k mortgage to get a big enough house in a nice area. We have always rented so have no clue about mortgages and no current savings. Any help would be great!!
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Comments
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It might be worth speaking to a broker, not only will they find you a decent deal, they will take care of it and will discuss with you your options with the pros and cons.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Work out what you want doing, get a couple of tradesmen in to quote it, that way you know what sort of money you are talking about, once you have a ball park figure post back here and you can get probably a better informed decision.
Converting a loft and general wear and tear could add up.0
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