Buying with parent........help

lizzi_locket

Ok, firstly my partner and I are a mortgage newbies, we currently rent. My elderly mother owns property worth approx £340,000. We are looking to sell this and buy something bigger for all three of us and will probably have to spend around £450,000.

I only work part time so technically would only be able to raise very small mortgage and we don't want to include my partner to keep things simpler for inheritance purposes.

So, my question is....... given the above figures we would be putting down a hefty deposit on new house. Does this mean I would be able to borrow more than my salary would normally allow, are there lenders who specialise in this sort of senario?

GMS

The total you can borrow will be dictated by your ability to repay it, not he amount of equity you can provide.

Amounts will depend on many factors such as salary amount, age, term of mortgage, credit commitments, etc.

Why would you want to overstretch yourself and risk not being able to repay the mortgage?

Why not look to add your partner to the mortgage but have a solicitor define ownership accordingly.

CLAPTON

basically no

how could you repay the mortgage if you have insufficient income?

getmore4less

lizzi_locket wrote: »

Ok, firstly my partner and I are a mortgage newbies, we currently rent. My elderly mother owns property worth approx £340,000. We are looking to sell this and buy something bigger for all three of us and will probably have to spend around £450,000.

I only work part time so technically would only be able to raise very small mortgage and we don't want to include my partner to keep things simpler for inheritance purposes.

So, my question is....... given the above figures we would be putting down a hefty deposit on new house. Does this mean I would be able to borrow more than my salary would normally allow, are there lenders who specialise in this sort of senario?

In what way? what do think the problems are with a partner included?

If your mother is sticking £340k into the deal you have a potential problem allready.

lizzi_locket

Thanks for your interest and comments.

Difficult (and rather tedious) to go into full details here. Suffice to say my mother comes from a different era and has dated views, easier to humour than re-educate. Also partner is self employed and not up to date with books so can't really be included anyway.

Paying mortgage wouldn't be a problem from joint earnings. Mother has saving in excess of mortgage amount although 50% tied up in shares etc.

I am sole descendant and arrangement is primarily to facilitate future care.

tkitmike

Interesting one.

So the current property of £340k - I presume this is completely 100% owned, no remaining mortgage?

So you would only be looking at a Mortgage of £110k