Mortgages for over 65s - is it possible

highrisklowreturn

Am enquiring for my dad who is 65 -bascially our old family home came up for sale at 60K. There is only a brief window of opportunity to buy it.

Between my father and I we could afford a 20% deposit. My initial idea was to put the house in my name and my father would rent from me - he is happy with this as he is renting now for a large sum for quite a poor property. The rent would be in the same range, but for a better house and the old family home. This rent would cover the cost of the mortgage.

However, I recently moved jobs and the lender pulled the application, saying I'd need 3 wage slips from the most recent employer.

What I suppose I'm wondering now is, is there anyway the house can be put in my father's name - he is 65 - with me as a gaurantor, over 25 years?

Or could it be put in another relative's name, under an FTB mortage, then the deeds transferred - or would this leave the debt to the original purchaser?

Thanks in advance.

GMS

Does your father have any income?

Using your fathers funds as a deposit will cause issues if he is not party to the mortgage and residing in the property.

What is your residential status currently?

ACG

I would be fairly confident you could get a mortgage in your name, presuming affordability and credit checks pass etc. Putting it in your fathers name might be a little trickier depending on his pensionable income (whether or not he is claiming it yet).

Its difficult to say on the limited information but i would say there are definitely options at this stage.

highrisklowreturn

My father receives a state pension and a company pension, total circa £900 a month. He also works part-time, about 2 days a week, earning him say another £200 a month.

My problem is I have a mortgage, as a FTB, owing £43,000 left - or £230 a month. After all my expenses I have around £500-600 free each month.

I have over £10,000 in savings, the auctioneers and solicitors fees for the house will be around £1800, but my dad will meet these, leaving me with a comfortable deposit, and £50,000 owing on the mortgage if I got it.

So would my strategy be to be buying as joint buyers - my problem with this is if we are oth on the deeds I don't think I will be able to apply for help from the housing authority with the rent.

highrisklowreturn

Any help?.......................

Thrugelmir

highrisklowreturn wrote: »

So would my strategy be to be buying as joint buyers - my problem with this is if we are oth on the deeds I don't think I will be able to apply for help from the housing authority with the rent.

Contrived tenancies are considered fraudulent.

highrisklowreturn

In what way would this be a contrived tenancy - my original idea was to let to him; indeed it's still my idea - there is nothing illegal in letting to a relative, or in moving ownership on a property to avail of benefits.