Deed of trustee

Colleendepp

Does anyone know if I can get a mortgage if my name is not on the deed but the person buying the property (my Nanna) is signing a deed of trustee to confirm that the property is mine. I suspect no but wondered if there are ways?

The other option I have is getting a loan but they seem to be reluctant to lend because of my purpose. I feel as if I would have a better chance if I said I was buying a car! Strangely enough.

Any advice welcomed thank you.

ValHaller

It looks like you are proposing to be the beneficial owner of a property with someone else as the legal owner. This requires a lawyer's advice. Why do you want or need to do this?

Colleendepp

My Nanna has been in the same council house for 40 years it is nothing special but home to so many of over the years. She is not in the position to purchase herself so I would like to do it for her enabling her to say in for as long as she wants and keeping it in the family. I have a solicitor and all seems do able legally. My question is about how to get a loan and/or mortgage to fund it.

Annisele

Since you're a newbie poster, I'll warn you ... that's the sort of question that causes flames on here.

It's unlikely your proposal will actually benefit your grandmother. She can already stay in the house for as long as she wants - but if you buy it, she'll be dependent on you not chucking her out / going bankrupt / getting married then divorced / needing to claim means tested benefits / suffering one a number of calamities that wouldn't be in any way your fault.

But as to the getting a mortgage - no. Any lender would want to know they could evict the occupants if you didn't pay the mortgage. Evicting your grandmother - when it was the grandmother's right to buy discount that allowed the purchase in the first place - would be difficult and expensive. So, no lender will want to touch it.

kingstreet

With a council's pre-emption governing the disposal of the property for the first ten years of ownership, I suspect they will not agree to such a purchase, even if you can get a lender to agree to it.