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We've explored every option for the past 10 months and this is the only one left. It's the last resort to be honest
No, your mother sells her property. Thats the final resort.
As your proposed course of action will create problems for you. If anything making the situation more complex rather than simpler.
If you buy your Grans at under value as a BTL. Then immediately you'll have a tax liability on the gain should you sell on. As I'm guessing the intention is for you to receive the other 50% as a gift. Purchasing the property will negate this opportunity.
From having gone through the experience this last few weeks of trying to obtain a 2nd mortgage on a 2nd home I can say it certainly is not easy.
Most lenders will not lend if you money for a 2nd home if you already have a mortgage - regardless of whether you can easily afford it. They dont like it. They think anything outside of the normal 1 mortgage on 1 house isnt right.
Only way I was told to do it would be to get a buy to let mortgage on the 2nd home. - but then you need large deposit.
In the end I found only 1 lender who would entertain me having 2 mortgages on 2 homes without doing the buy-to-let, but even they were nervous and said i have to clear the mortgage on one of the houses within 3 months!!!
