Hi all,
hopefully posting this in the correct thread. Just looking for some advice or for someone to tell me my head is in the clouds and forget it
Basically, Father, late 50s passed away about a year ago leaving behind mortgage of about 20k. Repayments of about 160 per month. No mortgage protection so still has to be paid by my mother who does not work due to a long term illness. She pays it just fine and i give her a helping hand when I can.
I'm currently renting which is a killer. Is it feasible for me to take over the mortgage from my mother, then remortgage the house to finance the building of a separate dwelling on site. I have a partner and young so we'd rather build something than just move in as it would be crowded enough and we are planning to have more children down the line. My own finances are fairly ok in terms of savings and salary but I am a long way off the 50-60k or so needed to build plus refurbish the existing house.
Is this something a bank would even go for or am i living on a different planet?
any help appreciated
hopefully posting this in the correct thread. Just looking for some advice or for someone to tell me my head is in the clouds and forget it
Basically, Father, late 50s passed away about a year ago leaving behind mortgage of about 20k. Repayments of about 160 per month. No mortgage protection so still has to be paid by my mother who does not work due to a long term illness. She pays it just fine and i give her a helping hand when I can.
I'm currently renting which is a killer. Is it feasible for me to take over the mortgage from my mother, then remortgage the house to finance the building of a separate dwelling on site. I have a partner and young so we'd rather build something than just move in as it would be crowded enough and we are planning to have more children down the line. My own finances are fairly ok in terms of savings and salary but I am a long way off the 50-60k or so needed to build plus refurbish the existing house.
Is this something a bank would even go for or am i living on a different planet?
any help appreciated