Is it feasible to buy a second house with a mortgage on the first house?

I would say that the bank did not agree, but rather offered. With the repayment, you end up with a 40-year term, which is absolutely common (whether it's good, nice, or whatever is another question).

That may be, but the OP is 42 years old, so financing with 40 years ... interesting

That may be so, but the OP is 42 years old, financing at 40 years ... interesting

It's quite normal for an investment property. Repay as little as possible. I am also almost ninety in calculations with my own investment property financings. Accumulating the repayment through alternative investments, but certainly not directly in the property! Although, given the OP's income, it doesn't make much sense tax-wise either.

That may be so, but the OP is 42 years old, financing at 40 years ... interesting

I had the same thought at first, but it is supposed to be for the child. By the time the parents retire, the child should already be able to take over the installment.

I had the same thought at first, but it is supposed to be for the child. By the time the parents retire, the child should already be able to take over the installments.

Considering the sellers' ages of 84/87, a tenant should be able to pay the installments along with a decent surplus in the not too distant future (even if he is personally saddened).

My grandmother lived to be 96 and lived in her house until she was 95. So that's still easily 10 years here, women generally live longer.

It's not an investment either, in 20 years, when the daughter is supposed to take over the place, she will move 400km away for her job or studies.
And in 40 years, when the house is paid off, it will be an old, dilapidated place that nobody buys for a reasonable price.
That is often forgotten, houses wear out just like cars or people...

It is not an investment either

No? Buy a house today for 265k (including incidental costs), finance it for 10 years, and then sell it again for, for example, 450k (assuming normal condition and normal wear and tear, i.e., no increase in value). I don't think the return is bad at all.