Mortgage - Parents
in Mortgages & endowments
8 replies 500 views
Hi All - my parents who are retired with a combined income of c£24k per annum need to release £100k from current home by getting a mortgage and renting it out which will more than cover the rent. However they will not be moving into their own property as they will move in with me. This is causing issues as 1) They are not moving into a forwarding property which they will own & 2) There personal income is below £25k for most BTL mortgages. Does any one know which mortgage companies could possibly assist in this scenario? Many Thanks
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Why don't they just sell the house if they need money from it, what is the ong term plan?
I would personally look at a local specialist BTL mortgage broker who will be able to very quickly tell you if what they want to do is viable.
They could buy a smaller property with cash and gift you £100K
- What happens if the house you buy needs to be sold because you die, become bankrupt, want to move etc etc.
- What happens if you fall out and they or you decides you cant live together?
- Would they own any of the equity in "your" house?
- What happens if there is a gap in the BTL tenancy or a tenant stops paying?
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