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Getting a mortagage to buy a right to buy
Steviec321
Posts: 89 Forumite
Hi hope some one can help me.
My partners mother rents her house from a housing trust and has been told she will receive the full discount if she exercised her right to buy.
I would like to loan her the money so she can buy it and then she would leave the house from us if anything was to happen to her.
This is my question.
Can i get a mortgage as obviously i could not afford to do this.
My partners mother rents her house from a housing trust and has been told she will receive the full discount if she exercised her right to buy.
I would like to loan her the money so she can buy it and then she would leave the house from us if anything was to happen to her.
This is my question.
Can i get a mortgage as obviously i could not afford to do this.
0
Comments
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I don't think so.
A mortgage has to be secured on a property. So the mortgage will have to be in the name of the owner of the house - so if your partner's mother buys the house, only she can secure a mortgage on it. You cannot get a mortgage on someone elses house.
The only way to fund her in this purchase is to guarantee her mortgage. Someone else on these forums has recently started a conversation on guarantor mortgages.0 -
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Hi,
I HAVE BEEN APPROACHED BY A REPRESENTATIVE OF EASY FINANCE GROUP.
I WOULD VALUE THE OPINION OF AN EXPERIENCED MONEYSAVING TO FIND OUT IF ANYONE KNOWS ANYTHING ABOUT THIS COMPANY0 -
Someone under the user name EFG started posting on the board last night, basically drumming up business for themselves.
They have since had their posts removed.
I guess these are the people that approached you.
On the couple of posts they did make their advice was criticised, apart from that I don't know anything about them.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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