Advice on securing a Mortgage needed.

allegedly

Thanks for the replies,folks. Please bear with me while I try to answer points raised.
Conrad. Point taken, but I'm buying with my daughter and when I'm down south, that'll be where I'll stay. I live and work in the far north west highlands of Scotland. No one will be paying anybody any rent. My bank are happy with my explanation.
Giz and bd61, my daughter's level headed and in a good job. As safe as anyones these days anyway and she's just had promotion. The house is cosmetically good, they've done that themselves but its old and in need of maintenace and updating of a more major nature. So that bears on the offer price.
However, they dont really need three beds and so are also looking for either a smaller house or possibly flat and therefore cheaper. That give us a bit of flexibility.
Which means the banks offer would be more than adaquate but I'd hoped to get advice on possibly better deals. But the age thing has come as a wakeup call.
I've had morts on five different properties over the years but I've just realised whilst I know the basics of getting one, I'm a bit out of my depth in this market and am playing catch up on a grand scale trying to research it.
When we needed to rent because we couldn't get a mortgage after the loss of our businesses,it was ok, simple fact, we had no choice. Now, circumstances have at last changed due to the passage of time and whilst renting is ok, being human I resent the fact that I'm paying almost £17k every two years with no actual potential return and I'm paying off the remains of his small mort on the rental house and a big chunk of the mort on his new house for our landlord. We were business aquaintances once so I know this to be the case.
Dont get me wrong, I dont resent him, its just business but I resent giving it to someone other than my children.I keep hearing the phrase 'dead money'.
Please don't think I'm knocking your choice db61, it's just that, it's choice and I'm trying to choose to keep a roof over my childrens heads in the area they want to stay in and give them a foot on the property ladder.
In the not too distant future, my son will be able to take over my commitment to the deal and then when they know what they want to do they can move on or let it or what ever thay want. But any profit goes to them. Its the only legacy I'm able to leave them.
Finally, thank god I hear you say, to clarify one last point,my ex will not be moving in with them. She has delayed moving in with her new partner while we try to sort out the childrens situation. Her new partner owns his own house west of London. Once this is sorted she can move on with her life. I'm generous when I can be and accept my responsibilities but not that much!
Now to follow Martins advice and try some brokers to see my options. Just wish I could do it face to face but needs must.
Rob

gizmo111

In the not too distant future, my son will be able to take over my commitment to the deal and then when they know what they want to do they can move on or let it or what ever thay want. But any profit goes to them. Its the only legacy I'm able to leave them.

In which case could you take the mortgage part repayment and part interest and when your son is in a position to take it over they could remortgage in his name and get a longer deal.
I wasn't implying that your daughter wasn't able to manage the mortgage etc just it is likely she will want ot move on, get married have kids etc and this deal seems a bit complicated.

allegedly

Thanks Giz. I'm afraid I did misunderstand your post and yes you're right, she'll will eventually want to move on but at the moment the usual trappings of adult life haven't featured to heavily in her plans.
Your comments re my son discribe what I and they would like perfectly.
Thanks for the tip too. The problem is it always seems to come down to the age thing and while I've not spoken to many lenders, those I have all say repayment. However, I've not actually asked for the part rep and part int. So, it's a tack I'll try. Nothing lost by asking.
Rob

dander

Interesting thread - I can't offer any advice, but just wanted to add some thoughts about whether this is the best solution. I bought my first flat at the age of 19 while I was still at college and while this has meant i had my "foot on the property ladder" when prices were low and gave me a good start there were also disadvantages. It takes away a lot of freedom at a young age - when I left college and first started working I found I was very limited on the job market - I couldn't just up sticks and move to another part of the country for a job because I had a property and a mortgage to pay, I couldn't take a low-paid job or unpaid work experience that could lead to useful contacts, or good opportunities because I had to think about keeping the mortgage paid - it was a case of taking any job to keep that roof over my head first, and getting the right job for career progression had to come second. I had reduced access to benefits and grants if I wanted to do any further study. Socially there were also disadvantages, I missed out on sharing houses with friends, I couldn't drop everything and go travelling etc etc.

No, I probably wounldn't live where I live today if I hadn't bought back then - but prices were also much more favourable then than they are now, there was a lot more to gain in return for all the disadvantages. I was only tied down to a £30k debt, but i was still tied down. I think your children need to think long and hard before they get tied down to a debt of over £100k.