Hello,
My mother in law has offered to swap houses with my husband and I. She said she wants us to have our inheritance now rather than when she dies as she is keen to get us out of negative equity (we bought our house in 2007 - worst decision ever!). She is widowed and living in a big house which she is finding too hard to maintain. We have two children and are stuck in a small house which we are seriously outgrowing.
She has no mortgage and we believe that her house may be valued at around £150k, although we need to get a valuation done. We also need to get our house valued, but houses on our street are currently for sale for between £50 and £60k. We paid £140k for our house - we still have a mortgage of £126k.
Do you know if it will be possible for us to take the mortgage with us to my mother in law's house? Or will the banks be able to refuse to let us do this? :(
My mother in law has offered to swap houses with my husband and I. She said she wants us to have our inheritance now rather than when she dies as she is keen to get us out of negative equity (we bought our house in 2007 - worst decision ever!). She is widowed and living in a big house which she is finding too hard to maintain. We have two children and are stuck in a small house which we are seriously outgrowing.
She has no mortgage and we believe that her house may be valued at around £150k, although we need to get a valuation done. We also need to get our house valued, but houses on our street are currently for sale for between £50 and £60k. We paid £140k for our house - we still have a mortgage of £126k.
Do you know if it will be possible for us to take the mortgage with us to my mother in law's house? Or will the banks be able to refuse to let us do this? :(