First time poster- looking for advice or experience.
My parents are both in their mid 70’s and are keen to move from a house to a bungalow closer to where my family and I live. This is a return to my mums home (UK) country and somewhere they both love. However it is a more expensive part of the UK and consequently they are struggling to find somewhere they can afford to buy. Their ages and likely selling price of their property limits what they can afford/borrow.
Meanwhile, my DP and I currently rent - we sold our tiny flat when our children were born to accommodate us all. We now both earn fairly well and would love to get back on the property ladder, but don’t have a sufficient deposit. We have cleared debts however.
I haven’t discussed this with my parents, but I wondered if there might be a solution that would work for us all? Could I use my borrowing potential / available salary to help them afford a suitable property, and could some of their equity be used for us as a deposit?
I don’t have a financial background and have no idea if this is possible or even a good idea. I would want to make sure no one loses out and all protected financially should anything unexpectedly happen to any of us. Ideally I would like them to retain their quality of life, enjoy them being closer by, and if it was possible alongside that for my DP and I to own our own home again.
Does anyone have any experience or advice? Suggestions of things I should consider? Or even pointers to where I could get more specific advice about this (financial vs mortgage advisor?!)
For context I have a good relationship with my parents and my DP is happy that I’m investigating this option. Our finances are separate hence me discussing me specifically helping out, but we are very much a team. I earn more.