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Irregular question - New to Mortgages!
Bostons
Posts: 1 Newbie
Hello all,
My parents (living up north) are due to complete on their mortgages payments in a year or 2. They want to move south, closer to myself - who has no mortgage (25years old).
The house prices are unaffordable to them and they don’t have enough savings to afford a house without getting another mortgage. Which they aren’t keen on as they are due to retire.
Can I enter into a mortgage with them in order to use their equity and I make the full monthly repayments? The house would be left to me in their will anyway!
In addition:
It won’t be my permanent address & I was hoping to use a lifetime ISA to contribute in a couple of years time, once they relocate.
Currently living with my partner in a house mortgaged in his name only. I bills only.
Is this achievable? Or can you kind folk think of a way this can work?
Help is much appreciated!!
My parents (living up north) are due to complete on their mortgages payments in a year or 2. They want to move south, closer to myself - who has no mortgage (25years old).
The house prices are unaffordable to them and they don’t have enough savings to afford a house without getting another mortgage. Which they aren’t keen on as they are due to retire.
Can I enter into a mortgage with them in order to use their equity and I make the full monthly repayments? The house would be left to me in their will anyway!
In addition:
It won’t be my permanent address & I was hoping to use a lifetime ISA to contribute in a couple of years time, once they relocate.
Currently living with my partner in a house mortgaged in his name only. I bills only.
Is this achievable? Or can you kind folk think of a way this can work?
Help is much appreciated!!
0
Comments
-
Yes, but you need to be aware of stamp duty implications and potentially CGT (not sure if there would be any or not, but worth looking in to). Also when you do go on a Mortgage, the repayments for this mortgage might affect your new mortgage.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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