Advice on shared mortgage please

hueygeorge

Evening all
My boyfriend and I are in debt and therefore cannot get a mortgage at a reasonable rate. We have now lived with my boyfriend's mum for over a year (its been almost 3!!) which is a requirement of the 'right to buy' option. Anyway, we provisionally have a mortgage at 7.5% which isn't that bad considering. This mortgage is a joint one between boyfriend and his Mum. The only problem is that my boyfriend's mum is 73 - too be fair she is in good health but what would happen if she needed to go into a nursing home? Would we be forced to sell the house as she owns an equal share - although she will not be paying the mortgage? Just when I thought things where starting to get better, another problem arises!!! Any help greatly appreciated - thanks

mightymouse

Hi

We have now lived with my boyfriend's mum for over a year (its been almost 3!!) which is a requirement of the 'right to buy' option.

How long has mum been a tenant and are you living there officially i.e. registered with the housing trust / council

The interest rate might be a little high and also if there are large setting up fees get alternative quotes from a mortgage adviser.

take advice regarding the ownership from your solicitor and how it should be set up having regard to your boyfriend and the shares in the property.