Right to buy help / mortgages

Drews1972

Could someone help me please.

My mom has the Right to buy our family home of 30 years.

I am her son and live here with her. My mom is on the tenant book i am not.

My mother and i would like to buy our home

I am 40 and in full time work, earn £20,000 a year and have £20,000 savings

My mom 72 this year and is retired and gets a state pension.

Now my questions are,

If i can join my mom in buying our home, will we both be on the deeds of the house ?

If not, can i still get a mortgage for it ?

I called Halifax today and they said if i had a joint mortgage with my mom it would have to be paid off by the time she is 75, no use to us

Will all lenders have this rule ? Id like a term of 22 years

I don't have a problem with funding it all myself

House is worth about £175k less our discount of £75k

So im looking to borrow somewhere around £100k


I have £20k if i need it

Anyone been through this and can help.

Thanks very much

leveller2911

This previous thread may help..........Basically I believe your mother will need to buy the house and raise the mortgage to buy it, which at the age of 72 and on a state pension would suggest its a non starter but I stand to be corrected..She will then not be eligable in later life for things like housing benefit and also if/when she needs to go into residential care the Council will put a second charge on the property to pay for her care.

There are many disadvantages to her buying the house and possibly the only person who would benefit would be you (getting a cheap house).She/you would also be liable for all maintenance costs etc.

https://forums.moneysavingexpert.com/discussion/4508397

kingstreet

The property has to be purchased in the name of the tenant and a relative who has lived there for 12 months or longer can be a joint applicant.

The mortgage and the ownership have to be in the same names. You can't have more owners than there are borrowers.

There may be the odd lender which is prepared to lend to someone of your mother's age. You would be best speaking to an independent or whole market broker to establish which lenders will do an RTB for such a term.

Drews1972

If the ownership is in my moms and my name, can i get a mortgage in just my name ?

I have lived here for over 12 months, it my only home

terryw

You can apply to buy your council home if:

it’s your only or main home
it’s self-contained
you’re a secure tenant
you’ve had a public sector landlord (eg a council, housing association or NHS trust) for 5 years - it doesn’t have to be 5 years in a row
Joint applications
You can make a joint application with:

someone who shares your tenancy
up to 3 family members who’ve lived with you for the past 12 months (even if they don’t share your tenancy)

From: https://www.gov.uk/right-to-buy-buying-your-council-home/overview

The difficulty is likely to be obtaining a mortgage - see helpful posts above.

no1wf

I wanted to do the same thing very recently, unfortunately you have to get a mortgage with your mum and at her age it will be extremely difficult as she is past retirement age.

Have there been any changes on the tenancy, if there haven't you might be able to succeed it when she passes

Drews1972

I know I can join my mother in buying the house. But my question is can I get the mortgage in just my name.

Thanks for taking time in replying to thread

leveller2911

Drews1972 wrote: »

I know I can join my mother in buying the house. But my question is can I get the mortgage in just my name.

Thanks for taking time in replying to thread

I'm sure the Mortgage advisors will be along to answer but you will still have the problem if/when she needs residential care the Council will put a 2nd charge on the property to pay for her care and this can cost anything from £500-£800 per week .

Why does your mother need to buy the property when she is 72 and receives her state pension?. She won't be eligable for housing benefit and will have to pay for all the maintenance........

What benefit does your mother get out of the deal?

Dogger69

leveller2911 wrote: »

There are many disadvantages to her buying the house and possibly the only person who would benefit would be you (getting a cheap house).She/you would also be liable for all maintenance costs etc.

https://forums.moneysavingexpert.com/discussion/4508397

This ^^

There is no benefit to a lady in her later years who has security of tenancy, all maintenance taken care of etc, to buy a property.

terryw

Drews1972 wrote: »

I know I can join my mother in buying the house. But my question is can I get the mortgage in just my name.

Thanks for taking time in replying to thread

See Post 3 above

kingstreet

Drews1972 wrote: »

If the ownership is in my moms and my name, can i get a mortgage in just my name ?

I have lived here for over 12 months, it my only home

No. You can't.

The property has to be purchased in the name of the tenant and a relative who has lived there for 12 months or longer can be a joint applicant.

The mortgage and the ownership have to be in the same names. You can't have more owners than there are borrowers.