Buying house with elderly parents

emv

DH and I are considering buying a house with an annexe where his parents could live. They are in their 80s, currently own a flat that has a market value of about £150k. We'll need to increase our borrowing by £50 - £75k but would prefer not to have a joint mortgage so that there are no issues when they are no longer around. Is there an option anyone is aware of where their lump sum could underwrite the mortgage or something similar so that they don;t have to invest a huge capital sum but the fact that they have that money helps us extend our mortgage? Or would they be better off renting out their current home & using it as collateral against a mortgage?

Em

Senior_Paper_Monitor

Broker time - all doable but complicated and many pitfalls (not least - definition of annex and lender's approach to them)

GMS

Providing a deposit and not being party to the mortgage will be an issue for almost all lenders.

Use a broker or ensure you have prior agreement before proceeding with an application

emv

Thanks, thought a broker would be the best way forward, just wanted to see if this was at all viable. Current mortgage rate is 0.8% so would prefer to stick with current provider but not sure they'll be keen, flukey mortgage rate deal we obtained many years ago means they've tried to wriggle out of it ever since!