Right to buy help / mortgages

kingstreet

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

Still no. It cannot be done. Joint property and joint mortgage.

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.

Imagine how a lender repossesses a property where the mortgage is on just one name and the property ownership is in two?

Drews1972

leveller2911 wrote: »

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?

She isn't planning to to anywhere for a while just yet. And i know she wont get housing benefit, she wont need to, because i would be paying the mortgage. It's my home to,its my moms home, our family home for 30 years.

kingstreet

Talk to the council or HA about succession. See how/if you could take over the tenancy and how that would affect the RTB.

Drews1972

kingstreet wrote: »

Still no. It cannot be done. Joint property and joint mortgage.


Imagine how a lender repossesses a property where the mortgage is on just one name and the property ownership is in two?

Ok so why cant i get a joint mortgage ? If a lender would give me a mortgage on my own, i have £20k savings and earn £20K, so I would guess I could get mortgage on my own for £80,000, whats the problem getting a joint one with someone who's 72 ?

Drews1972

Thanks for all the help guys

Dogger69

Drews1972 wrote: »

She isn't planning to to anywhere for a while just yet. And i know she wont get housing benefit, she wont need to, because i would be paying the mortgage. It's my home to,its my moms home, our family home for 30 years.

And if you lost your job?

leveller2911

Drews1972 wrote: »

She isn't planning to to anywhere for a while just yet. And i know she wont get housing benefit, she wont need to, because i would be paying the mortgage. It's my home to,its my moms home, our family home for 30 years.

I'm sure she isn't but the sad fact is she is 72 and not getting any younger.

Currently she is secure in the house until the day she dies.If you go down the route of buying it you will be gambling her security for your own advantage and who knows what could be round the corner unemployment,illness etc.

So what benefit is your mother getting from you buying it? ,on the face of it only you benefit.I'm sure you have some lovelly memories of the family home but the reality is its a rented property and you would gamble your elderly mothers security for a few ££££....

Drews1972

leveller2911 wrote: »

I'm sure she isn't but the sad fact is she is 72 and not getting any younger.

Currently she is secure in the house until the day she dies.If you go down the route of buying it you will be gambling her security for your own advantage and who knows what could be round the corner unemployment,illness etc.

So what benefit is your mother getting from you buying it? ,on the face of it only you benefit.I'm sure you have some lovelly memories of the family home but the reality is its a rented property and you would gamble your elderly mothers security for a few ££££....

My mom wants us to buy it, i haven't held her down at gun point you know. :rotfl:

kingstreet

Drews1972 wrote: »

Ok so why cant i get a joint mortgage ? If a lender would give me a mortgage on my own, i have £20k savings and earn £20K, so I would guess I could get mortgage on my own for £80,000, whats the problem getting a joint one with someone who's 72 ?

YOU can get a mortgage. The problem is you don't want a mortgage for you alone.

Do you want help in how to approach this, or do you want to argue the toss about why lenders don't want to offer "joint and several liability" debts to those aged over 70? I can do that and make several valid and pertinent arguments, if you'd prefer?

Earlier, I said;-

There may be the odd lender which is prepared to lend to someone of your mother's age.

then

Talk to the council or HA about succession. See how/if you could take over the tenancy and how that would affect the RTB.

You aren't going to get better FREE information on a Saturday afternoon.

addyboy1982

You've had some superb advice from kingstreet above, suggest you explore those avenues.

Good luck.