Posted on 4 November 2012 by adil
I am a house owner with an outstanding mortgage of only 1000. My brother and sister in law bought a house and my name is with them in their mortgage to help them buy the house. That house is worth £275000 and outstanding mortgage is £200000 pounds.
I want to buy another house worth £200000 pounds and I have £75000 deposit salary £43000 per annum. pls advise?
Before we can give you a clearer idea of what you can or can't do, we would need a lot more information realating to your circumstances and also that of the mortgage with your brother and sister in law. Are they in a position now to take the mortgage in their own names or will you need to remain on the mortgage? Is this new property you want to buy for you to live in ?
The transaction in isolation is no problem, it is only the liability of the extra £200000 from the other mortgage that makes this a tricky case to place.
If you'd like to speak in more detail, then please let me know and I'll put you through to one of our consultants to see if they can assist.
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