what type of mortgage application would this be?

bikeman17

My mother anf brother are looking to get a joint mortgage. They have told me as they looking online for the best deals, they are confused what type of applicaton they best fit.

This is their situation:
Mother - never owned a property
Brother - Did own a property but now sold

Would the two be first time buyer, remortgaging or moving house?

Please can you advice.

Thanks

ACG

Moving house/purchase for the search engines.

Why are they doing a joint? Will they both be living in the property? Might not be as easy as you think. I would suggest you speak to a broker about this.

bikeman17

Yes living together. Thanks will speak to someone closer to time

ACG

The reason im saying speak to a broker is that not all lenders are happy with parent/child mortgages - they sometimes see it as the parent being on the mortgage to help the kid get on the property ladder - so they wont be living in the property...it also means the mortgage may need to be over a shorter term or lend into retirement which can cause further problems if you dont have a decent pension or other investments in the background.