Help wanted complicated situation

Sea_Shell

So, IF you could borrow 4 x £38,000, thats £152,000. Plus your £120,000 equity = £272,000.

Thats just nowhere near enough to buy your rural idyl in most parts of the country. Try double that and you might find somewhere.

Have you actually looked on Rightmove to see what these sort of properties cost? ??

AnotherJoe

You are making it worse by adding MIL, because by needing an annex, that increases the price of the house you need to buy substantially yet she has no earnings to help afford that. And then you want detached despite your financial circumstances and land as well !
I don't know how important location is to a cake making business, if it can be done by post then perhaps go really rural, less favoured parts of Scotland or Wales maybe.

Ampan

Yes, moving quite far away we’ve found potential suitable properties for around the 250,000 mark.

MIL would look to trade online selling her art / knitting and probably do some online overseas English tuition. So, she would start to accrue an income, at least until she got too old. But that wouldn’t be immediate.

Ms_Chocaholic

The difficulty you will have however is not only buying a larger property but also with another mouth to feed.

Sea_Shell

Have you factored in all the other costs of moving. Estate agents, solicitors and stamp duty, plus a long distance removal???

Do you have a separate pot saved for these costs??

Ms_Chocaholic

As well as extra furniture not only for your larger property but to fit out the annexe.


Also I'm not sure whether double CT will be due dependent on the type of annexe you have for the MIL.

AnotherJoe

Its not really that complicated is it?
You want to buy a particular type of house, in a rural area, at a known maximum price point.
That narrows down your search area to a few known locations.
Assuming the occupation of the main salary earner can be done remotely then you just crack on looking, if it can't then you need to look for jobs first until you find a job in one of those locations.

Sea_Shell

The other thing to bear in mind, is that if you really want to take cake making to a "real earnings" level, rather than just pocket money, then you're going to need a fully equipped, multi oven, professional level kitchen. That's no going to be cheap either.

As AnotherJoe said, can the job of the main earner, who I assume earns the £38,000 (husband?) be done from this remote location, or will they have to commute or find another job?

jackomdj

As others have said can the earner work remotely?
If not their income will not be considered for a mortgage. (As they will have to give up the income to move). Also mortgage wise the income you/mil may earn will not be taken into account, they base it on current/historic earnings.

Sorry.