Ok - here is my situation. I am relocating to the USA for work, and I want to buy a property over there for just over £150,000
I have a current mortgage here in the UK on a property worth 172,000, with 122,000 outstanding (about 50k in equity)
My parents own their home outright but have a 20k home improvement equity release on it currently. They want to help me set up in the states, by either gifting me the property so I can borrow against it, or by letting me buy it so that they can give the cash sum to purchase in the US with.
So, I either release 20k from mine, to pay the 20back on my parents house, take ownership of it, and try and get an overseas mortgage, or release as much equity as possible from my property as a deposit to pay for my parents property, and the outstanding loan, so I can have a cash lump sum to be able to buy my 150,000k home in the US.
For now, ignore tax implications, and assume that there is no cash lying around...
Thoughts anyone??
I have a current mortgage here in the UK on a property worth 172,000, with 122,000 outstanding (about 50k in equity)
My parents own their home outright but have a 20k home improvement equity release on it currently. They want to help me set up in the states, by either gifting me the property so I can borrow against it, or by letting me buy it so that they can give the cash sum to purchase in the US with.
So, I either release 20k from mine, to pay the 20back on my parents house, take ownership of it, and try and get an overseas mortgage, or release as much equity as possible from my property as a deposit to pay for my parents property, and the outstanding loan, so I can have a cash lump sum to be able to buy my 150,000k home in the US.
For now, ignore tax implications, and assume that there is no cash lying around...
Thoughts anyone??