interest only mortgage

fingers1

I have Bipolar disorder with a very large element of seasonal affective disorder. My father wants to relocate me to Spain
permenantly. My father is 93 so getting a mortgage is difficult
apart from equity release which is expensive and restrictive.
So we have turned to my brother in law to find us a mortgage.
We would buy the property in his name so that in the future we would not have to leave it to his family in our wills.
My father has equity of £550 and my brother in law £350 K.
My father intends to pay the monthly interest on the mortgage by
Giving my BIL the money. This would be from his income and would be easily affordable and would not affect his estate.
Is there an interest only mortgage available which would allow us to borrow £150k which would be repaid on my fathers death ?

Any ideas ?

Thanks Fingers1

mrginge

You cant buy a property in someone elses name.

jacobtheamish

Perhaps your father could raise the purchase price by means of an Equity Release mortgage on his current property?, although I am not sure whether there is an upper age limit.

getmore4less

mrginge wrote: »

You cant buy a property in someone elses name.

That's not what are doing, they will be living in a house in someone else's name.

Annisele

I'm afraid I don't understand what you mean.

I think you're saying:

• You and your father want to live in Spain.
• Your BiL is going to buy a house in Spain, and you and your father will live in it. Your BiL will own the house.
• Your father will sell his house, and then give your BiL £500k to help fund the purchase.
• Your BiL already has £350k equity. He will release that equity (by selling? remortgatging?) to put towards the new house in Spain.
• All of that leaves you £150k short, so you want to borrow £150k on an interest only mortgage.

Is that right? If so, your BiL seems to be doing very well out of this deal; he gets a free £500k.