Hi all,
A bungalow a few doors up from my house has come up for sale and my mum & stepfather who currently live approx 30 mins away from me are interested in buying it to move nearer to us.
They are now retired and as they get older, I am keen that they are nearer to us, so that we can look after them more easily.
Unfortunately we live in a more expensive town than where they are, and the property we are looking at, whilst no bigger than their current small home, is approx £30,000 more than their existing one.
We do not have the savings to pay this for them, but wondered whether it is possible to add the additional sum to our mortgage? We are currently with HSBC (have only been with them for about 12mths, with a current LTV of 60% and I believe we would be OK with regards to income).
So my question is really, will lenders these days allow us to take out additional borrowing to help our parents buy this house? Or is this now an area where they are less inclined to help these days?
I haven't approached the HSBC yet as this has come out of the blue tonight, and I can't find anything on their website that indicates either way.
many thanks for any help:)
A bungalow a few doors up from my house has come up for sale and my mum & stepfather who currently live approx 30 mins away from me are interested in buying it to move nearer to us.
They are now retired and as they get older, I am keen that they are nearer to us, so that we can look after them more easily.
Unfortunately we live in a more expensive town than where they are, and the property we are looking at, whilst no bigger than their current small home, is approx £30,000 more than their existing one.
We do not have the savings to pay this for them, but wondered whether it is possible to add the additional sum to our mortgage? We are currently with HSBC (have only been with them for about 12mths, with a current LTV of 60% and I believe we would be OK with regards to income).
So my question is really, will lenders these days allow us to take out additional borrowing to help our parents buy this house? Or is this now an area where they are less inclined to help these days?
I haven't approached the HSBC yet as this has come out of the blue tonight, and I can't find anything on their website that indicates either way.
many thanks for any help:)