taking over parents mortgage

lucycowley

Hi, I wonder if anyone can give me some advice? My parents are in the their mid 70's and are struggling with their mortgage repayments. I would like to take over their mortgage (but at a better rate than they currently have), but do not know how straightforward this is or what other options may be available? I am a first time buyer, debt free etc and would have no problem paying the monthly payments, but I do not have a deposit to put down if I have to end up buying the house. Is there a way to do this without purchasing the house? There is about £190k in equity and the mortgage left is £140k. Thanks for any insight anyone can give.

Conrad

To get the cheaper mortgage you allude to, you will need to join them on the deeds and at the same time apply for the new mortgage in all 3 names but that cheaper lender may not accept older folk, or treat them as dependants and deduct thier living costs from your income before applying the income multiple.

The other way is you buy them out, but they will have to signdocuments waving all thier rights and note some lenders will not enterntain this scenario as they percieve the parents will have more rights in law than them as lender in the event of repossession proceedings.

If you are to go on the mortgage, the lender will want you to reside there.