Mortgage or sign over

L

lindiepops

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My parents own a property with 90k left on the mortgage that they have been renting out. They now want to sell it and would like my partner and I to buy it for 150K. I am working in the public sector for 6 mths. I'm on a yrs contract but my boss said is only due to an embargo and might change. my partner is in a permanent role for the past 2 years. We own an apartment in the UK that we rent out. Would we get a mortgage? The other option is for my dad to sign the house over to us and we pay the rest of the mortgage and try and get a lump sum together to give him. Is this easy to do?? Which would be the best option. Any advice would be great. thanks
 
Any tips or advice at all basically my dad wants rid of the house and needs 50K to pay off his loans etc.
 
without any income details it's impossible to give advice as to how much of a mortgage you could hopt to receive.
also does the rent on your property in the UK cover the mortgage there?
do you have any savings?
what is the house in Ireland worth, are you getting much of a discount?
do you really want to move into it?
could you sell the UK apartment and use the proceeds if any from that to help fund the mortgage?
your father can't sign the house over to you without the permission of the bank as they hold the deeds - you'd at least need to be able to come up with a mortgage of 90k.
there may also be tax implications for both your parents and yourself.
it's not an easy question to give an answer to without many more details.
 
We both earn 28K .
The rent covers the mortgage in the UK and we make a few hundred a month extra
We have about 10K in savings
The house is on the market for 208k it is a 3 bed detached
 
the bank prob won't take your income into account because your future income is not guaranteed so any loan they make will be based on your partners salary....at 28k he would prob get a mort of about 140k but 'cos your not FTBs your max ltv will be between 80-90% depending on which lender you use.....the property in the UK makes it awkward but because it is paying its way and more and the fact that you are employed as well and are not including your income in their assessment should get you over the line
 
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