Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

would it be possible?

(3 Posts)
griffalo2 Sun 09-Oct-11 14:37:16

Hi.
My boyfriend is currently and for the last 3 years green paying his mum and dads mortgage as his dad lost his job and was struggling to pay.so bf brought so much of the house,60k which was then about a third.we have now decided we want to move in together,hes interested in buying the rest of the house off parents so they can downsize and not worry about paying mortgage at their age.
Hes earning 21k a year and thinks it would cost roughly 100k to buy rest of house.
Has he any chance of being able to do this?

CogitoErgoSometimes Sun 09-Oct-11 14:54:14

If he's got £100k handy, there's not much to stop him. If he's trying to borrow another £100k when he's already paying one mortgage and only earns £21k I think he'll struggle to find a lender - unless your income is also taken into account.

Gonzo33 Mon 10-Oct-11 14:19:29

I am confuddled (not that it takes much). Did your bf buy the 60k worth of house outright? If not he will need to get a mortgage of 160k? On 21k I doubt he will be able to I am afraid, probably more in the region of £84k I would have thought.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now