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Help needed please

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  • Help needed please

    Hi All,
    I have just joined the forum as I need some help please ! My brother and I are home owners with no mortgages, my mum and dad are in a rented house ! we are looking to buy them a home and need a small mortgage, we are looking at a house costing 130k,we are putting in 70k deposit and mortgaging 60k.

    What is the best way to go mortgage wise !
    Thanks in advance for any help.

  • #2
    Re: Help needed please

    Fisrt of all, if you buy your parents a home you need to make sure it is in your names and that your parents pay you rent.

    If you gist the home to your parents it will form part of their estate for UIHT purposes.
    Worst still, it would be considered part of their assets for nursing home care costs too.

    Regarding your mortgage, with your assets (equity) and deposit it should be easy to get a buy-to-let mortagge to do this.
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