DH's parents need to downsize because of financial problems, it's a highly stressful situation. They are 60 & 62. Basically, they need to sell their own lovely home because they can't remortgage. They have just sold their own house and need to move out next week.
They were told that they had an offer in principle for a £20k mortgage for a £130k property - the only decent-ish place that they could find on that budget - and that offer had been accepted. However, today, they've been actually told that the mortgage deal has been declined.
They mortgage adviser has suggested that DH take out a buy-to-let mortgage for £20k with the PILs giving us the equity from their house sale. He's mentioned something about the fact that they pay DH 'rent' (which I don't understand).
I want us to help, but am concerned about the implications - tax, ability for us to get another mortgage if we wanted to move, what happens if DH were to die, etc. etc. etc. We have a meeting with a mortgage broker tomorrow morning and we need to be prepared really.
Is this likely to end in disaster?? (PILs are slightly useless with finances). What's the implications??
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AIBU?
AIBU to think that we should take out a buy-to-let mortgage for PILs?
37 replies
Saffra · 22/02/2013 19:13
OP posts:
norkmonster ·
22/02/2013 19:39
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Message withdrawn at poster's request.
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