I'm looking for a mortgage to buy my daughters house. She has reached the end of the road with her bank and they are seeking a voluntary sale. There is a house in slightly better condition that has sold recently for €130,000 close to hers so I'd imagine they will be looking for something. Her house needs some renovation, €20000 should cover it.
I will be paying the mortgage until my daughter is in a position to meet the repayments.
I'd be glad of some suggestions of how to approach the mortgage application. I have €50000 in savings and would need a mortgage to cover the rest.
Should I hold back some cash to pay for repairs or would I have more chance of getting approval if I put all the cash down and seek to borrow for repairs?
Is there any lenders that would be more suitable for my position?
I shall post my financial details in another thread.
Thanks
I will be paying the mortgage until my daughter is in a position to meet the repayments.
I'd be glad of some suggestions of how to approach the mortgage application. I have €50000 in savings and would need a mortgage to cover the rest.
Should I hold back some cash to pay for repairs or would I have more chance of getting approval if I put all the cash down and seek to borrow for repairs?
Is there any lenders that would be more suitable for my position?
I shall post my financial details in another thread.
Thanks
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