Hoping someone on here can help! Not sure if any of this is possible so would value opinions from those who know so much more than us.
We have approx £10k left on our mortgage and the house is worth approx £225k. My husband is 56.
Could we remortgage so that we could buy another house so that a family member can live in it? If they were going to give us a contribution to the mortgage would it then become a BTL mortgage rather than a second home mortgage? After a few years could we then sell it to them once they are in a better financial position?
We have seen a house which suits our requirements for £110K but would need to borrow £90K.
Thanks in anticipation!
We have approx £10k left on our mortgage and the house is worth approx £225k. My husband is 56.
Could we remortgage so that we could buy another house so that a family member can live in it? If they were going to give us a contribution to the mortgage would it then become a BTL mortgage rather than a second home mortgage? After a few years could we then sell it to them once they are in a better financial position?
We have seen a house which suits our requirements for £110K but would need to borrow £90K.
Thanks in anticipation!