Mortgage for extended family?

ealdous

Hi,

I've been lurking for a while but have come out of the woodwork now...

Hopefully someone will have some useful advice on finding a mortgage to suit us.

We are planning to amalgamate three households into one larger house.
The family group will consist of 5 adults - myself and OH, my parents and my sister - and two children.

We have a house to sell with equity of c.£80k, my parents have house to sell with equity of c.£130k and an inheritance of £50k. Sister has nothing having just returned from living abroad.

We are early 40s, parents early/mid 60s, my OH has salary, mum has small salary, dad, sis and I are all self-employed (myself and sis this year so no accounts!)

We would be looking at buying a property about £450k ... is this really feasible?

Any help and advice in finding a good lender and working out this complex situation would be appreciated!

Thanks
Emma

Rabiddog_2

My simple maths says you will have access to approx £250k, possibly dropping to £200k and want to spend about 450k.. thus requiring a mortgage of £200-£250k? . Your real problem will be securing that dependant on the wages.. Best speak to a broker who knows the mortgage market. large 4 bedroom house? 5 bedrooms? Have you actually thought about the mechanics of living with your parents? who will have control of the Tv remote Will everyone take a turn?

UK007BullDog

This is a difficult one and you will have to see a broker for this one. Because first of all you have 2 chains internally selling your properties and buying a new one.

Personally I would not move in with my sister and parents and all. Its going to be a nightmare no matter how much you love each other. But then that is your problem.

Then the other problem is that only max up to 4 people can go on a mortgage.

You cannot prove income, no accounts. What do you and your sister do?

Parents get a pension?

There might not be a lender willing to do it as only the income counts and they want proof of it. If you do find a lender then it will not be a cheap mortgage.

You should take legal advice and set up a contract with all parties involved to ensure if a sale has to be done who gets what. Otherwise it will get very messy.