Mortgage query

Limana68

HI guys
My mum isnt too well, and am looking at moving her in with us, and my brother is offering to help us out with a bigger mortgage so we can move to a 4 bed place. He will basically pay 1/3 of the mortgage and we will pay 2/3rd.
The problem is that he lives abroad, but works for a uk based company( earns 120K per yr tho!!!), but does not pay uk tax, but does have a uk bank acct.

Does anyone have a clue if we would be ok for a mortgage??? I am with a co at mo but will look at moving from them to get a good deal.

Think I may go and make appt with uk mortgage firm and see what they say.
We have seen a new build hse we like and would like to put a reserve on it, but dont want to until we know for sure it will be okay!!!

Any thoughts appreciated!!!

L

herbiesjp

Limana68 wrote:

HI guys
My mum isnt too well, and am looking at moving her in with us, and my brother is offering to help us out with a bigger mortgage so we can move to a 4 bed place. He will basically pay 1/3 of the mortgage and we will pay 2/3rd.
The problem is that he lives abroad, but works for a uk based company( earns 120K per yr tho!!!), but does not pay uk tax, but does have a uk bank acct.

Does anyone have a clue if we would be ok for a mortgage??? I am with a co at mo but will look at moving from them to get a good deal.

Think I may go and make appt with uk mortgage firm and see what they say.
We have seen a new build hse we like and would like to put a reserve on it, but dont want to until we know for sure it will be okay!!!

Any thoughts appreciated!!!

L

This could be do-able but it will depend on the scenario as a whole i.e. current income vs. debts etc

The fact that your brother is aborad is not necessarily a problem, but may limit the mortgage amount i.e. you may have to put a higher deposit

Run this past a good whole of market mortgage adviser and you should be able to get high street rates,

HTH

UK007BullDog

If full status does not work do it by self certing, the rates are bit higher but less headache. Also go to a solicitor to get everything drawn up. What about the time when your mom is no longer, can you then stay in the house or would you have to sell? How much do you then have to give back to your brother etc.....

But it is possible for you to get a mortgage.

Limana68

Thanks for your replies, yes my mum is 77 and I have discussed with him about what would happen when she leaves us......he assures me it will be an investment for him so thats no problems and I suppose I have to trust him.
I will look for a financial advisor in my area and see what they can come up with, at least it not totally impossible then!!