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Mortgage advice
moliver_93
Posts: 31 Forumite
Hi all
Writing on behalf of my parents. My mother works 3 days a week earning approx 1,100 per month, my father earning 500 per month, semi retired and due to retire soon.
They are selling property worth 600k, currently on an interest only mortgage of £270k (now £850 per month hence the need to move)
Looking to buy a property worth £400,000 - 330k equity, £30k savings and the rest potentially with a small mortgage.
Does anyone have any experience or advice on this? Ideally they wouldn't need to do this but with house prices at the moment its looking more and more like they will need to!
Writing on behalf of my parents. My mother works 3 days a week earning approx 1,100 per month, my father earning 500 per month, semi retired and due to retire soon.
They are selling property worth 600k, currently on an interest only mortgage of £270k (now £850 per month hence the need to move)
Looking to buy a property worth £400,000 - 330k equity, £30k savings and the rest potentially with a small mortgage.
Does anyone have any experience or advice on this? Ideally they wouldn't need to do this but with house prices at the moment its looking more and more like they will need to!
0
Comments
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Small size of mortgage, proximity to retirement and low income will all make mortgage difficult.
Why not come down a price bracket on the purchase and do away with the mortgage all together?0 -
To get a small mortgage they will need income coming in.
As suggested above what about buying within their budget without a mortgage.0
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