brehon6789
Registered User
- Messages
- 42
What will you use to fund their new property? You'll still have the equivalent of just over €100k of equity in today's terms to put towards the new house. Even if house prices continue to rise and you have a lot more equity in cash terms, don't forget that the prices of the replacement houses will have risen correspondingly too.brehon6789 said:I would have the mortgage at interest only and when that runs out i will sell the house and buy another to put them into, the problem with remortgaging is there age 55.
But Sarah, wouldn't any independent advisor who advises the parents tell them they would be crazy to give up rights of residence to their current home. No disrespect to Brehon's best intentions to help out his parents, but the parents need to ensure that any arrangement does not leave them losing their rights to their home.Sarah W said:It is possible to take over the mortgage - subject to the lender's criteria being met - but your parents would have to waive their right of residence in the property and you'd need to check the tax and legal implications.
brehon6789 said:I have two other properties one in belfast and one nexty door to my parents.
My income from the house next door is 900 euro and i have an interest only mortgage which costs me 526 a month.
The property in belfast is also Buy to let and costs me 133 pound and i get rent of 260 pound a month from that.
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