Hi
Hopefully all you knowledgeable people can help me:
My mother has been renting her house for the past 10 years or so, after a family break up. She pays £450 a month.
I do not have a mortgage at the moment - I live with my boyfriend in a house owned by his family.
My monthly salary would be abouT £2000 after tax etc. I do have some debts - 3000 personal loan I pay 220 a month on and a car finance - 179 a month. I also give my mum 100 every month. My mum would take home about 1200 a month.
We have talked in the past about me buying a house for her and her essentially being my tenant, paying me the money she would normally spend on rent. She is in her mid 50's at the moment, and am in my late twenties.
I need some help deciding is this is a good idea; my main worry being will it prevent me and my boyfriend buying our own house one day.
How much of a mortgage could I get and how much of a deposit would we need? We live in NI so house prices aren't too bad, I was thinking around £100,000 or less to get something comfortable for her.
I just don't like the idea of her continuing to pay money to a landlord (nice as he is!) and the money being lost to her.
Please help! Any advice much appreciated.
Hopefully all you knowledgeable people can help me:
My mother has been renting her house for the past 10 years or so, after a family break up. She pays £450 a month.
I do not have a mortgage at the moment - I live with my boyfriend in a house owned by his family.
My monthly salary would be abouT £2000 after tax etc. I do have some debts - 3000 personal loan I pay 220 a month on and a car finance - 179 a month. I also give my mum 100 every month. My mum would take home about 1200 a month.
We have talked in the past about me buying a house for her and her essentially being my tenant, paying me the money she would normally spend on rent. She is in her mid 50's at the moment, and am in my late twenties.
I need some help deciding is this is a good idea; my main worry being will it prevent me and my boyfriend buying our own house one day.
How much of a mortgage could I get and how much of a deposit would we need? We live in NI so house prices aren't too bad, I was thinking around £100,000 or less to get something comfortable for her.
I just don't like the idea of her continuing to pay money to a landlord (nice as he is!) and the money being lost to her.
Please help! Any advice much appreciated.