Tradefair & Financials
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evening gents.
trying to help out my mum /dad...they own their house ( 320k ) but have a very short leasehold left currently about 17yrs. we have been told the freehold will cost about 80k.
they dont have the funds to pay all of this...and need aprox 60k.
if anyone can advise wether or not we should be looking @ a home reversion plan or a liftime mortgage i would be extremely grateful.
home reversion...what type of % would we be looking at paying back for 60k ?
lifetime mortgage...again for 60k..what amounts would we be looking at paying out,say 10,15 and 20 yrs ?
any advice at all would help
tnx trev w
trying to help out my mum /dad...they own their house ( 320k ) but have a very short leasehold left currently about 17yrs. we have been told the freehold will cost about 80k.
they dont have the funds to pay all of this...and need aprox 60k.
if anyone can advise wether or not we should be looking @ a home reversion plan or a liftime mortgage i would be extremely grateful.
home reversion...what type of % would we be looking at paying back for 60k ?
lifetime mortgage...again for 60k..what amounts would we be looking at paying out,say 10,15 and 20 yrs ?
any advice at all would help
tnx trev w
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TREV
DEPENDS on the age of your parents. The older they are the more money they can raise. Do they have pension income?. Are there other properties in the block with the same problem? How many flats in the block? At the moment your parents flat is worth not a lot, certainly cant be worth the money you say with a 17 year lease! For that reason you would probably need to find a differnet type of loan I am afraid. |
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tnx chisel
but its not a flat..its house..mortgage all paid up..houses going for 300-320k in the street of course its not worth the market value with only 17 yrs left on the lease...thats why we're trying to raise the capital to buy the freehold..the money we ger from one of the options above goes straight to the freeholders.. |
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does say house above....think you need to get the offer from them in writing......in case its another lease.
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by the way they dont actually own the house....yet.
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