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Getting a mortgage on MIL house
LittleMissie
Posts: 4 Newbie
Hoping to get some thoughts and advice on our (Husband + Me) situation.
We rent a house which belongs to my husbands mother, she lives abroad permantely. She has an interest-only mortgage on the house £216k at around 4.5%,
It needs to be repaid in 3yrs time. So it will mean she will have to sell the house as she is only a pensioner and has no way of keeping the house, Its value is around £325k.
Now she has been talking to my husband about taking a mortgage on the property. But on our salaries we could only get a mortgage for around £250k and we only have about £20k in savings.
She has been to see her solicitor and he recommends that all three of us get a remortgage.
Part of me thinks she is being very generous and helpful. But part of me thinks we will end up in a tricky situation..
Does anyone have ideas on this?
We rent a house which belongs to my husbands mother, she lives abroad permantely. She has an interest-only mortgage on the house £216k at around 4.5%,
It needs to be repaid in 3yrs time. So it will mean she will have to sell the house as she is only a pensioner and has no way of keeping the house, Its value is around £325k.
Now she has been talking to my husband about taking a mortgage on the property. But on our salaries we could only get a mortgage for around £250k and we only have about £20k in savings.
She has been to see her solicitor and he recommends that all three of us get a remortgage.
Part of me thinks she is being very generous and helpful. But part of me thinks we will end up in a tricky situation..
Does anyone have ideas on this?
0
Comments
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Finding a mortgage for 3 applicants and using all of the income when one lives abroad and is a pensioner is going to difficult at best.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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