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Part exchange help!!

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  • Part exchange help!!

    Hi



    I'm after some ideas of the best way to go about this, it's a bit complicated .

    I have saved up £12000 for a house deposit ( looking at around 150000 mortgage ) so no where near enough. At present I live in a house owned by my mum, I pay the mortgage. She has told me if I can find a new build that would do part exchange she would be happy to let me have the house (selling it would take forever, houses in this street have been on the market a year plus)
    My question is would I need to buy this house first in order to part exchange for a new build? I'm assuming I probably would but just after some opinions


    I should also add the mortgage would be in my partners name ( awful credit here) it's all so confusing!
    Tia
    Last edited by Trooutwrestler; 29-05-2013, 03:46 PM.

  • #2
    Re: Part exchange help!!

    You need to break your issue down to a number of steps:
    1. Find a builder who will accept your mother's home in px and get them to do the numbers - ie how much would they offer for the property and how much would they want for theirs - then see if you can work with the numbers.

    - your partner would then have to buy your mother's home - there is a lender who can proceed on your mother gifting the deposit

    - you could then px later

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