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Buying parents house.

slenderkitten · 2024-03-10 10:16:03

I live with my elderly mother in her mortgage free house. I have 2 siblings we will share everything equally we have a will in place. I am new to all this, how would I go about buying this place on a mortgage (hopefully I would be able to do it) after she dies, I am concerned that they will have free cash out of it but I…

Comments

kingstreet Posts: 39,375 Forumite

14 April 2024 at 12:47PM

For future readers who may be in the same position, the person wishing to do so should purchase the property from the deceased estate. Their potential inheritance becomes their "deposit" and the mortgage used to purchase the remainder passes into the estate for distribution among the remaining beneficiaries. The purchaser then owns the property and everyone gets their "share."

I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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