Advi e much needed

heidiprincess13

Hi, I hope I can make this as simple as possible. My husband and I live in a council property and we were wondering if it's possible for my husband to take a mortgage out for my mum so she can stay in her own home as she is seperating from her husband and wants to buy him out. She can afford the mortgage payments but is unable to take a mortgage out or increase hers due to her age (63).

My husband moved in with me and is down as living with me but my tenancy is in my name only. We have 3 children so my mums small 2 bed bungalow would never be big enough for us. We are just worried that we would be asked to leave our home. We can not afford to buy and my husband would only be getting 40k on a mortgage for my mum and it would all be written out by a solicitor???


Please can some one give me some info/advice.
Many thanks in advance

Simon_gloster

If its your first home you may struggle as lenders prefer your first home to be your primary residence, not a but to let or 2nd (for family ro live in).

If you claim benefits (you may not but.....) i'd imagine this not to go down too well. Seek advice on the benefits if your are claiming HB as an eg.

heidiprincess13

We are not doing it for any financial gain, just to help my mum so she doesn't have to leave her home. And the only way we are able to raise this for her is because of the collateral in her home.

Does that explain things better?

Simon_gloster

Sure heidi, but it doesn't solve the fact ir won't be your main residence, which could he a huge problem for lenders.

If she is retired and has private plus state pensions, lenders will lend until her 75th bithday should her income be enough.