Mortgage for parents

Datcher

Due to the age of my parents, 70 and 71, they are not able to get a mortgage (or so they have been told). They have the equity and a pension to place a deposit and maintain the repayments.

Would I be able to get a residential mortgage and have them live in the property or would it have to be Buy-To-Let and I become their landlord?

mic200202

As long as they can prove the pension / other income and it meets the affrodability then some lenders will lend until age 80 or 85.The shorter term involved would mean a higher payment as you would expect.

The alternative is as you say you buy this and rent it out to them.You could do this as a buy to let.Better to speak to a broker to go over the options.

swerveysgirl

I bought a house a few years ago for my mum to live in - I was able to get a residential mortgage as I wasn't charging my mum any rent and I could comfortably make the repayments myself. At the time most banks told me I couldn't have a buy-to-let mortgage as they didn't allow renting the property to immediate family.

Datcher

Many thanks for your replies