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Interesting Mortgage question - buying from parents.
themusicbox
Posts: 37 Forumite
Hi
My partner and I have the chance to buy her parents house. We have been living in it for a while and paying rent to them, but now they want to sell and have asked us if we want to buy it.
It was valued 2 years ago at about £225,000 - we're getting it revalued. Currently our financial situation is fairly stable, although I'm not sure we can afford a £225,000(-/+) mortgage.
Does anyone know of the best way to go about this and if it's possible to get a part mortgage and buy the house in parts? I've done a bit of research but I want to get a full picture before I start looking for mortgages.
Thanks!
My partner and I have the chance to buy her parents house. We have been living in it for a while and paying rent to them, but now they want to sell and have asked us if we want to buy it.
It was valued 2 years ago at about £225,000 - we're getting it revalued. Currently our financial situation is fairly stable, although I'm not sure we can afford a £225,000(-/+) mortgage.
Does anyone know of the best way to go about this and if it's possible to get a part mortgage and buy the house in parts? I've done a bit of research but I want to get a full picture before I start looking for mortgages.
Thanks!
0
Comments
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Not sure about the availability of part mortgages but couldn't you borrow what you can comfortably afford to pay back on a mortgage and then ask your partners parents if you can pay the rest back in monthly installments on top without the interest.
Obviously this is on the proviso her parents dont need the cash.
A friend of mine was in a fortunate position to be able to buy his parents home from them when they inherited a new one. Like yourselves he was renting it from them. In the end they sat down with a solicitor and drew up a contract that stated he continued to pay them £x (what he was renting for) over a period of x years and he became owner of the house. It obviously saved him thousands on interest payments and he also owned his own home, and gave his parents a steady monthly income which they didnt need.
Could this be an option?0
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