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Buying a house in UK

Forum المملكة المتحدة, Vereinigtes Königreich, Reino Unido, Royaume-Uni, Ηνωμένο Βασίλειο, イギリス, Regno Unito, Verenigd Koninkrijk, Wielka Brytania, Reino Unido, Великобритания, 英国, 英國: المملكة المتحدة, Vereinigtes Königreich, Reino Unido, Royaume-Uni, Ηνωμένο Βασίλειο, イギリス, Regno Unito, Verenigd Koninkrijk, Wielka Brytania, Reino Unido, Великобритания, 英国, 英國

Buying a house in UK

Postby Starla8 » Tue Mar 14, 2017 12:58 pm

Might be the wrong place to ask but as my parents are retiring, they would like to buy a winter home in the UK to be near to my family/grandkids (my husband and I are both UK citizens). They want my husband and I to buy a place with their money (fully paid) in my name. Would that be possible as my husband and I still have a mortgage for our home? Any advice would be very helpful! TIA! :)

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Re: Buying a house in UK

Postby Cyrilexpat » Tue Mar 14, 2017 3:46 pm

Hello,
It depends on the mortage. Will it be a mortgage for your parents? In that case it shouldn't matter about your mortgage. It is more about their ability to get a mortgage of their own.

You could also get a buy-to-let mortgage (which is not taking into account your existing mortgage, but rather the potential rent you can get from letting the property out) and rent it out to your parents?

I would recommend that you contact a mortgage adivsor.
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Re: Buying a house in UK

Postby Starla8 » Tue Mar 14, 2017 8:02 pm

Thanks for the reply. If it helps, they'd buy it with cash, essentially. Thanks!

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Re: Buying a house in UK

Postby Cyrilexpat » Tue Mar 14, 2017 9:25 pm

Well then in that case there is no much problem.
They have plenty of foreign investors buying properties in London at preposterous prices...
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