my parents are in financial difficulty with their home and are involved with pepper, id love to be able to get a mortgage on their house and move in with them is this possible? Theyve only 90,000 left on their house theyre paying a small fee to pepper at the minute is it possible for me to take over and put the house in my partners name and i?
Can I buy my parents' house which is in arrears?
- Thread starter Banana96
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Brendan Burgess
Founder
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Yes, you can buy your parents' home if you have the money or if you can get a mortgage from another lender.
Pepper would be delighted. All they want is the €90k paid off.
But, you should complete a full mortgage arrears Case Study to get the best information
Pepper would be delighted. All they want is the €90k paid off.
But, you should complete a full mortgage arrears Case Study to get the best information
Case study - Information required for mortgage arrears and negative equity questions
Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results. Income details Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant...
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Gordon Gekko
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Seniors Money might be a good option for them also.
No, the banks won't care. You're purchasing a house from your parents, whether there was a mortgage or not doesn't matter.
However, it's a complex thing to do, and your parents should get independentlegal advice (they will need to anyhow to complete a sale to you). Your parents would have to give up all rights before you can get a mortgage on the house - you won't be able to get a mortgage if your parents have a right of residence.
You'd need to provide more information to tease out any further.
It'd be helpful to even know if your parents benefit from the CCMA on their mortgage.
However, it's a complex thing to do, and your parents should get independentlegal advice (they will need to anyhow to complete a sale to you). Your parents would have to give up all rights before you can get a mortgage on the house - you won't be able to get a mortgage if your parents have a right of residence.
You'd need to provide more information to tease out any further.
It'd be helpful to even know if your parents benefit from the CCMA on their mortgage.
There might be a simpler solution.
Can you move in and pay the existing monthly mortgage?
Are you an only child?