Posted on 10 October 2012 by Chris
My mom currently owns her house which is worth £130,000. We are looking to purchase a house worth £250,000 so my mom, girlfriend and son(three times a week). It has an annex attached. Is it as simple as having to sell the house and use that for a deposit or could we unlock £100,000 of the equity in the house and get a mortgage for £150,000? We have a combine income of £40,000 a year. Would we be able to get a mortgage even considering my mom is in her late 60's?
There are a number of options available to you, including remortgaging your mother's current main residence onto a Buy To Let basis and using the funds raised to provide a deposit for the purchase of the new property. You can then look to take out a mortgage on the new home. Much of what you can and can't do is dependent on your individual personal circumstances. To get a clearer idea of your available options, it would be advisable for you to speak to one of our consultants. Please let me know if you wish to do so.
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