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Buying Parents House
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JoJoLokeM
Posts: 1 Newbie
Hi, I am looking some advice about me buying my parents house from.them. My parents took an interest only mortgage out 10years ago which comes to an end in Nov and they have no means of paying it off only to sell, house is worth 180k remaining mortgage 135k so after fees and other debts to be paid they would only have about 30k left so nowhere near enough to buy a property out right and as they are both retired now and only income is a state pension I doubt they would be able to get one unless you know different? Anyway my family size has increased and as my parents house is bigger I thought we could just swap and I would take over their mortgage at 135k and still keep my own, does this sound a ridiculous idea??
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Comments
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It is not ridiculous but neither is it straight forward, particularly if mum and dad are staying in residence. Consult a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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