paddytheape
Registered User
- Messages
- 31
Hi All,
I own my own house (with 50k mortgage outstanding, house value 130k, 10 year term, only 6 months in) and have an ill sister who desperately needs a place to live. I can afford a second small mortgage which could buy a small house in a country town where my elderly parents live, so I will own the house, pay the full 125k mortgage over a 25-30 year term and earn no rent from my sister, she can stay there for as longs as needs, forever if needs be! This would effectively be a holiday home for me, minded/occupied by my sister.
Is this as simple as it sounds, the re-payments or financials are not an issue here, just wondering how best to approach the bank for this mortgage, I want to be fully upfront and tax compliant.
I own my own house (with 50k mortgage outstanding, house value 130k, 10 year term, only 6 months in) and have an ill sister who desperately needs a place to live. I can afford a second small mortgage which could buy a small house in a country town where my elderly parents live, so I will own the house, pay the full 125k mortgage over a 25-30 year term and earn no rent from my sister, she can stay there for as longs as needs, forever if needs be! This would effectively be a holiday home for me, minded/occupied by my sister.
Is this as simple as it sounds, the re-payments or financials are not an issue here, just wondering how best to approach the bank for this mortgage, I want to be fully upfront and tax compliant.