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Buy to let in retirement

jamesy81 · 2015-05-17 09:56:49

Hi, My father retires this year and is looking to help my brother get a house. My parents own house value approx € 180k. When he retires he will be living on state pension plus small private pension, so rough €300pw between both incomes. My mother will be working for another 8 years part time and earns €200 per week. Would…

17-05-2015 9:56am

#1

jamesy81

Registered Users, Registered Users 2 Posts: 11 ✭

Join Date: July 2014

Posts: 4

Hi,
My father retires this year and is looking to help my brother get a house. My parents own house value approx € 180k. When he retires he will be living on state pension plus small private pension, so rough €300pw between both incomes. My mother will be working for another 8 years part time and earns €200 per week.
Would my parents be considered for buy to let ( going to let to brother untill it's paid ), the house is 70k and have 20k deposit

Thanks

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Comments

#2 17-05-2015 10:21am

Jim2007

Moderators, Business & Finance Moderators Posts: 10,604 Mod ✭✭✭✭

Join Date: May 2010

Posts: 10412

I can't answer your question, but if I was in your position I would be advising your parents to let your brother get his own mortgage and then help him out with the payments when they can. In retirement the last thing your parents need is to be saddled with that kind of debt if things go wrong.

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