Considering buying an investment property with my mother and just looking for some advice about things we may want to consider. My mum and dad are separated for many years and my mum has recently sold her house. She will make approx 100k profit after buying her new house and paying all fees etc. She doesn't have a proper pension as she worked in my dad's business for many years but has a half time teachers pension which then precludes her from state pension. Therfore she is planning to invest most of this money for her pension.
However, my dad has recently returned to Ireland and while he is not entitled to anything from the profit he would like a contribution to buy an apartment. My mum has offered to give him 25k if we can raise the remainder and keep the property in my mums and my name. There is an apartment for sale for 90k which he likes. What are our chances of getting a mortgage on an apartment? We already have a house and bought at the right time so no negative equity. My husband and I are also on approx 15k extra per annum since we got our house mortgage.
My dad would pay us rent and we would obviously pay tax on this. Is there anything to stop us from offering him a below market rate for the rent as we just want to cover the mortgage and tax?
Any advice on things we may need to consider and answers to questions above would be appreciated
However, my dad has recently returned to Ireland and while he is not entitled to anything from the profit he would like a contribution to buy an apartment. My mum has offered to give him 25k if we can raise the remainder and keep the property in my mums and my name. There is an apartment for sale for 90k which he likes. What are our chances of getting a mortgage on an apartment? We already have a house and bought at the right time so no negative equity. My husband and I are also on approx 15k extra per annum since we got our house mortgage.
My dad would pay us rent and we would obviously pay tax on this. Is there anything to stop us from offering him a below market rate for the rent as we just want to cover the mortgage and tax?
Any advice on things we may need to consider and answers to questions above would be appreciated