Advice required on joint mortgage with parents

choccieuk

We are looking to buy a larger property for both my family and parents to live in ideally something with a granny annexe for them. The problem is our incomes are not straight forward. I work part-time and hubby now plays poker for a living after recently selling his business as the poker was more profitable. Obviously any earnings from poker cannot be classed as income. This then leaves my mum as the 'main earner' and also Dad retired early due to ill health and has a reasonable pension from his previous employer. We would be looking to put down approximately 50% as a deposit.
We have had some 'advice' from a lender who advised that we would only be able to have a short term mortgate (until Mum is of pensionable age) and also we could only borrow 1 x annual salary from my mum, dad and myself (as hubby doesn't count) Can anyone advise if this sounds correct or if there are any specialist companies that deal with this??

Any advice much appreciated

Annisele

Could you give some more figures for the house price, your salary, your mum's salary, and your dad's pension?

If you're wanting to buy a house worth £100k, you have a 50% deposit, your dad's pension is £25k, your mum earns £30k and you earn £10k, then it's very possible.

If you want to buy a house worth £1,000,000, you have a 50% deposit, and pension/earnings are as above, it would almost certainly not be possible.

I guess you're between those two extremes, but some more figures would help.

choccieuk

Sorry figures would make a big difference wouldn't they (doh!)

Mum = £30k, Dad = £15k Me = £12k property value to purchase would be 380k

Thrugelmir

Required mortgage to fund purchase?

choccieuk

50% deposit on £380k so mortgage would be 190k (stamp duty we can pay separately)