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Elderly mother and buying a house.
Comments
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It would prefer my mother was a part owner of the property but apparently we couldn't get a mortgage in that situation.
Why could you not get a mortgage with both you and mum on it?
Is it simply the age of mum?
There are lenders that will work on the age of the youngest applicant only if the older applicant's income is not needed to support the purchase.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Why could you not get a mortgage with both you and mum on it?
Is it simply the age of mum?
There are lenders that will work on the age of the youngest applicant only if the older applicant's income is not needed to support the purchase.
The broker didn't really give a reason but I gather because of her age they didn't feel it was an option.0 -
If that is the only barrier it should not be a deal breaker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Might be time to try another broker this will not be bread and butter case you need someone with a bit of eperience.
Another issue you may face is gifted deposits from resident adult
You also need to understand the issues surrounding deprivation of assets if you end up going down the gift route even though there is £300k being freed up.
In some cases the care system becomes very reluctant to accommodate it's obligations if there is any sniff of money and support in the family.
One thing to watch for if mum is ever hospitalised they will try to discharge into your care often prematurely without any reassessments.0 -
getmore4less wrote: »Another issue you may face is gifted deposits from resident adult
Not if buying jointly with mum.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
If you and your partner jointly own a home, could you to sell that house and your mum's house, and jointly buy something with no mortgage, so it would be possible for her to be a part owner? Or could you extend the smaller house to make it possible for her to live there?0
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