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Let to Buy mortgage to allow purchase
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flyingphil
Posts: 1 Newbie
Hello,
I wonder if anyone can give their thoughts on the following.
My elderly parents really need to downsize their house to release some capital to assist with their pensions and to also live in a more manageable property.
This process will be traumatic for a number of reasons. They are not going to handle the 'sell, buy, process well' so it would be great if there was a better way to reduce the pressure on the move.
The house is worth around £285k and there is no mortgage. They would like to downsize to a smaller property and it looks like something suitable could be found for around £230k (ish). After costs, that would leave a sizeable chunk of money to live on.
Could a 'let to buy' mortgage be used on their existing home to release capital to go and buy a new home? The existing house would be sold as soon as possible after they were in the new home and I realise there would be costs incurred for closing that off.
Has anyone done this? What are the pitfalls with a plan like this?
I wonder if anyone can give their thoughts on the following.
My elderly parents really need to downsize their house to release some capital to assist with their pensions and to also live in a more manageable property.
This process will be traumatic for a number of reasons. They are not going to handle the 'sell, buy, process well' so it would be great if there was a better way to reduce the pressure on the move.
The house is worth around £285k and there is no mortgage. They would like to downsize to a smaller property and it looks like something suitable could be found for around £230k (ish). After costs, that would leave a sizeable chunk of money to live on.
Could a 'let to buy' mortgage be used on their existing home to release capital to go and buy a new home? The existing house would be sold as soon as possible after they were in the new home and I realise there would be costs incurred for closing that off.
Has anyone done this? What are the pitfalls with a plan like this?
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