We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Would I get a BTL Mortgage on mothers house?
jb121
Posts: 2 Newbie
I am 24, I moved back to my mothers council house 6 months ago. She has been there for 11 years and been a council tenant for at least 20 years (not in a row). She is on sickness benefits and I earn 15k a year.
Am i right to think that in another 6 months I would be able to make a joint application for a RTB Mortgage? and what would happen if i decided to move out a few year into the mortgage? would we loose any of the discount?
Am i right to think that in another 6 months I would be able to make a joint application for a RTB Mortgage? and what would happen if i decided to move out a few year into the mortgage? would we loose any of the discount?
0
Comments
-
After living in the property for 12 months, you can be a joint applicant for RTB with the tenant. Why did you ask about BTL? You cannot get a BTL mortgage on a RTB property.
You would both have to apply for the mortgage.
The discount is only clawed back on a sale or transfer, within the first five years. If you move out but remain on the mortgage and deeds there will be nothing to pay back.
If she is living on benefits, what happens if the property needs urgent, expensive repairs? They are currently covered by the Council. No longer, if she becomes the owner.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry I didn't mean to say BTL It's late and I was just reading another thread about BTL. Thanks you for the reply. I am aware that we or I would be responsible for all the repairs, I would get insurance to cover any major repairs.0
-
You can't insure against maintenance issues, such as rotten woodwork, or a roof which has reached the end of its natural life.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards