Hi, 1st time posting..
Myself and my partner need some financial advice on
buying a house/mortgage.
I have been offered a house by my aunt but she wants
the money asap.The house costs €100k so i will need to
take out a mortgage for 100K.
My partner has her own house and is putting it up for
sale soon, i'd expect the sale to take a few months in
the current climate and we expect to make 100K profit on
her house. The plan is that we use the 100K profit (or most of it) to pay off
my mortgage in a few months time.
Because of our circumstances i was thinking she should get the mortgage for say,
a 35yr period so our repayments would be quite little until we pay off our mortgage.
My question is: are we entitled to do this? Is there any penalty from the banks? Is
there anything else we should consider?
(We CAN'T wait for the sale of my partners house to buy this one)
Any advice appreciated.