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Buy to Let for my mum

gmad1968 · 2013-02-10 16:14:43

Hi all, this is my first post, so I hope that somebody can offer some help? My mum moved back here from a European country last year, having sold her house. She does not have enough equity to buy a property here outright, but she has a significant deposit to put down. Unfortunately she is over 75, so she cant apply for a…

Comments

Wh05apk Posts: 2,938 Forumite

11 February 2013 at 5:56PM

There are numerous complications here, the deposit is coming from the mum who will be the tenant in a regulated BTL which many lenders will not allow, Nat west may allow on a resi basis (provided mum will not have a tenancy agreement and be paying rent)

Another option could be an equity release mortgage in your mums name, she would own the property, with the mortgage being repaid on death/sale with no monthly repayments, as she is over 75 y/o and looking for about 35% it should be possible.

I am a mortgage adviser.

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

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