Helping relative with mortgage

runningmanuk · 31 October 2012 at 5:49PM

New here so apologies if there is etiquette I am unaware of:

My mother is in her 70s and wants to move from a country cottage to somewhere in town and walkable to places. She has about 75% of the cash needed for a suitable place - let's say property of 200k with her having 150k cash

I would like to put in about 25,000 and borrow another 25,000 in order to enable her to buy the right place.

I would be on the deeds as a 25% owner and would be the sole applicant on the mortgage.

I already have a residential mortgage on my main house and would not be living there.

Is this possible? Will lenders consider it? Tesco told me that they will only lend to people as main place of residence. All help and advice gratefully received.

Dave_Ham · 31 October 2012 at 6:31PM

Tesco branding seems to be working, albeit without products and criteria to support it.

Sorry, onto your question.

You need advice, subject to your income, credit score and employment there will be solutions.

You will both need to be on the deeds and mortgage though, as you cannot split between mortgage and deeds.

This will give you some challenges, but a decent broker or IFA will be able to sort this..

Add: Unless you raise funds on your mortgage or get an unsecured loan and buy the property outright and split the ownership on deeds...

Good luck