Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • pareshkeshra
    • By pareshkeshra 7th Sep 17, 5:12 PM
    • 4Posts
    • 1Thanks
    Mortgage help
    • #1
    • 7th Sep 17, 5:12 PM
    Mortgage help 7th Sep 17 at 5:12 PM
    Hi everyone,

    Just wanted some advice. Here's my situation;
    I'm currently working full-time earning 25k a year with around 6k in overtime

    My mum who is 60 year old owns a property which is mortgage free, the mortgage was paid years ago so she owns the property 100%.
    She is currently working Part-Time earning 11k a year

    Here's what I thought we could do:
    Put my name on the house deeds (might not even need to do this if the mortgage is just being calculated by mine and my mums income) and apply for a residential mortgage which would be
    25k x 4 = 100,000k
    11k x 4 = 44,000k
    Total we'd get would be around 145,000k

    Then use 100,000k of that money as a deposit to purchase a new house which were planning to live at.
    The house we have seen is 380,000k
    so we would require another 280,000k

    what!!!8217;s the best way to get this? As I was thinking I could place the property my mum owns on rent which would get a rental income of around 1700 per month, Use this rental income to pay off both mortgages and if there!!!8217;s any shortage then I chip in with few hundred pounds every month.

    So essentially we'll have two mortgages one residential and one buy to let.
    Am I on the correct line please I'm so confused which way to go.

    Thanks in advance.
Page 1
    • Beetroot24
    • By Beetroot24 7th Sep 17, 6:15 PM
    • 29 Posts
    • 29 Thanks
    • #2
    • 7th Sep 17, 6:15 PM
    • #2
    • 7th Sep 17, 6:15 PM
    I think this should be posted on the Mortgages & Endowments forum
    • pareshkeshra
    • By pareshkeshra 7th Sep 17, 7:16 PM
    • 4 Posts
    • 1 Thanks
    • #3
    • 7th Sep 17, 7:16 PM
    • #3
    • 7th Sep 17, 7:16 PM
    Ok Thank you I will try and delete and post it on Mortgages & Endowments forum.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

817Posts Today

6,627Users online

Martin's Twitter
  • RT @Baldsaint: @MartinSLewis We were on a cruise to the West Indies and America (sun, sun, sun and even more sun) when the beast from the e?

  • RT @MikeHoxard: @MartinSLewis I always want some rain at home when I am away so may garden is okay when get back ... so is that gardenfraud?

  • This is a technical article, but it's a good primer to help understand why a change to accounting practice being di?

  • Follow Martin