We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Let to Buy mortgage to allow purchase
Options

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?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards