new mortgage to buy out present home /or pay cash to buy smaller home

jackieok

Registered User
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Hi I would really appreciate advice.
im trying at 59 to get a mortgage to buy my husbands shares in the family home.
I will need approx 200.00 over 11 yrs ie 70 yrs.
the payback will be 1,800 a month if I get one.
the home im living in could make me a good return on letting or ABNB to supplement my income etc
otherwise i could move and take a small mortgage or none but to one that wont make me money for the future.
I have 2 sons that are renting not having bought yet could i bring them in on it for a balance i might need ?
my 2 girls are not in a position yet but over 21.
I would like to leave them something if i can. But I don't want to be really stuck for money i did that for yrs.
My return on abnb was very good as a popular destination.
thanks for the advice
 
Last edited:
There's not really enough information to provide guidance.

If I understand, you need 200k mortgage to be able keep the house.
One of the reasons you'd like to keep the house is because it has strong rental income potential? Where would you live when it's rented?

The alternative is to sell the house, take your share, and buy elsewhere with small / no mortgage?

Do you live in the house?

What's house worth? What's your income?

You mentioned joining sons to mortgage. It's possible, but they'd need to jointly own the house with you. This will greatly impact their own abilities to borrow for their own homes later. It will destroy their credit history if you go into arrears. They'd no longer be 1st time buyers in future.
 
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