Mum & Dad want to buy a property for me to live in

Wh05apk

Despite your defaults if you have a 25/30% deposit you may be able to get a mortgage, hence why GMS was asking for more details.

Rather than contact banks direct, I would recommend contacting a broker, as potentially you have a complex situation here, and finding the best lender for you will be paramount.

miss_mollie_2

Agreed ... you have all been very helpful, especially yourself Who5apk, and I thank you all for your replies and comment.

I think Dad knew this but just wanted to know if he could go in a bank directly - we have a mortgage advisor's offices round the corner from us, so I will get Dad to make an appointment for us to have a chat with him.

Wishing you a very happy christmas & new year - with thanks again for your guidance.

Miss Mollie

Thrugelmir

miss_mollie wrote: »

I was only asking for general guidance on which lenders consider parents buying a property for their child to live in, so as to have an idea who considers this type of arrangement. I understand if you can't help with that based on the information given..

If there is a mortgage on the property then there will be an issue. As you could potentially end up with sitting tenancy status. Something lenders will shy away from.

thor

miss_mollie wrote: »

I was only asking for general guidance on which lenders consider parents buying a property for their child to live in, so as to have an idea who considers this type of arrangement. I understand if you can't help with that based on the information given..

Also, Thrugelmir no I won't be paying the mge/rent to my parents (for the timebeing anyhow).

Firstly Merry Christmas and secondly we have done the opposite to your situation BUT it could equally apply to you and your parents I think.
We bought a house for my parents to live in rent free. It was a normal mortgage and it was from the HSBC with their good deal of no fees 2.09% + base rate lifetime tracker with no penalties for overpayment.
It allowed close members of family, i.e. parents or children to live in a property even if the mortgage holder didn't.
Obviously nobody knows which way boe rates will go but the other types of mortgages at the HSBC will probably have the same rule. Maybe it will be worth your parents checking them out.

Bigmoney2

A guarantors mortgage may be an option for you.
House and mortgage in daughters name, with parents as guarrantors.
A mortgage broker is probably worth a visit as some mortgages are only available through brokers