Selling two homes to buy one, with a new mortgage not in my name?

0xramn

Hi,

I want to keep this brief, but detailed, as I think it may be complex, but I'm not sure if I'm overthinking it. To be honest, I'm scared of this current position, but I'm hoping it can be resolved. So...

1. My dad passed away earlier this year. The house has gone to my Mum, with no mortgage remaining.
2. I currently have a mortgage (in my sole name), and my partner lives with me.
3. I am currently unemployed and have no job lined up. My partner is paying the bills, along with my savings.
4. My mortgage ends Feb 24.
5. With everything that has happened... Death, life, health, happiness, family, etc. we've decided that we all want to move into a larger home or a home with an annex for my mother.

We will need to get a mortgage of £150-200k, looking at what we realistically need to purchase. We've already assumed that my partner and mother will be getting a joint mortgage, with the sale price of my mother's home as well as the profit from my home.

6. Can we both sell our homes, put the money into the new home and my mother and partner get a mortgage? (I'm asking as I guess I won't be on the mortgage, but the profit from this house will go into it - does this complicate things/is it possible?).
7. With my mortgage ending in Feb, is my best option to pay a fee (£999) + go on fixed/tracker, so I can leave without early termination costs? (Spoken to Barclays and that's what they've advised, but I'll double-check this of course).
8. Of course, my mother wants the share of the property she put in, plus my share, to be mine in her will. Is that possible? I.e. the share of her money + mine will be significant, but the new mortgage will have nothing to do with me (presumiing I can't be added with no income).
9. The urgency of course is my rate ending in Feb 24, but ultimately, it's what we all want, so if we don't need to delay, and get a new rate, that'll help.

Thank you very much in advance. I feel lost and hoping I can find some answers. I've attempted to research, but can't find a situation like ours.

DE_612183

what are the values of the properties and the outstanding mortgage?

0xramn

DE_612183 said:

what are the values of the properties and the outstanding mortgage?

Mine is £300-£310k, with 20% HTB to repay and £153,000 mortgage.
Mother's house value is £200k.

Herzlos

You shouldn't need to pay a fee to get a tracker to avoid you paying a termination fee - just going onto the standard rate will do the same.


There's nothing stopping you selling both houses, pooling the money and buying something else, it's just a bit more paperwork for the solicitor.

0xramn

Herzlos said:

You shouldn't need to pay a fee to get a tracker to avoid you paying a termination fee - just going onto the standard rate will do the same.


There's nothing stopping you selling both houses, pooling the money and buying something else, it's just a bit more paperwork for the solicitor.

Standard rate is 8.74%. Tracker is base +.49% (currently 5.74%)

Herzlos

0xramn said:

Herzlos said:

You shouldn't need to pay a fee to get a tracker to avoid you paying a termination fee - just going onto the standard rate will do the same.


There's nothing stopping you selling both houses, pooling the money and buying something else, it's just a bit more paperwork for the solicitor.

Standard rate is 8.74%. Tracker is base +.49% (currently 5.74%)

True, but if you're selling the house you won't be on it for long.
You'd need to figure out how long you'd need to be paying the SVR before it becomes more expensive that the £999 fee.

babyblade41

not difficult for a solicitor, my concern would be why you'd want to do this . what if partner leaves and wants their share of the house, then it gets complicated