Hi

Please can someone kindly provide some advice on my scenario and let me know if a) this is possible and b) the best way to do it.

Many thanks for your help.

Myself and my mum are going to purchase a new property together.
Purchase price of new property is 200k
We require a mortgage for 200k
My mum plans to remortgage her current property for 100k (only 20k outstanding on her current mortgage, her property estimated value is 250k)
We will apply for a new mortgage for 100k.

Things to note:
We do not want to remortgage my mums current property for more than 100k

My mum is in full time employment with annual income 45k. She is 52yrs old.

I am in part time employment with annual income 17k
I am self employed with annual income of 12k (start up business no AA as of yet). I am 28 yrs old.

Monthly outgoings are minimal.

we require an Interest-only mortgage on both the re-mortgage and new mortgage.

Please can someone advise if this scenario is possible and what the limitations (if any) may be.
Thank you.

Hi Sanny,

Drop me an email at and we can arrange a free no obligation review. I do not see any problem with what you require and I could deal with the process of remortgage and purchase of new property for you saving you the legwork and ensuring you get professional advice and the best deal that meets your circumstances.

Regards

I find these suggestions very useful as i am going to refinance my mortgage very soon.The forum has very interesting topics of discussion and i am looking forward to spend my time to discuss matters.