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- Joined
- 16 Feb 2009
- Posts
- 1,505
I live in Gravesend and rent a flat and due to my parents looking to retire and avoid selling their property (indowment mortgage) they added me to the deeds and I re-mortgaged it five years ago and pay it all. The deal is that in another 5 years they would sell it and give me 1/2 the value towards my own place.
My Grandma left her house to me (mortgage free) and the deal on the will is my mum can live there until she dies then it comes to me.
Now I'm wondering would it possible to raise capital from my grans house (100k or so and use that to get a deposit on a property up in Gravesend and then get the remaining through a second mortgage (50-60k) with my partner.
In term of values its as follows
Parents house 77k mortgage property is worth 280-300k
Grans House 210k-230k
In terms of income I earn 40k and my partner is on 17k but raising to 24k.
The plan would be my parents could live in their own until they die, keep my grandma's house rented out and also have my own property in Gravesend.
My Grandma left her house to me (mortgage free) and the deal on the will is my mum can live there until she dies then it comes to me.
Now I'm wondering would it possible to raise capital from my grans house (100k or so and use that to get a deposit on a property up in Gravesend and then get the remaining through a second mortgage (50-60k) with my partner.
In term of values its as follows
Parents house 77k mortgage property is worth 280-300k
Grans House 210k-230k
In terms of income I earn 40k and my partner is on 17k but raising to 24k.
The plan would be my parents could live in their own until they die, keep my grandma's house rented out and also have my own property in Gravesend.