Can I get a joint mortgage with my nan?

silvershot

Basically,

My nan suggested to me that we buy her council house via the right to buy scheme. My nan is retired but she has a good pension and recently inherited money, I myself work full time at a local hospital. Would we be able to get a joint mortgage together ?

Contemptuous

Has the council named both of you on the right to buy documents?

kingstreet

Do you live in the property and have you done so for the last twelve months?

If not, you won't be permitted to apply for RTB.

silvershot

I have lived with her for 2 years.

kingstreet

Right.

So you'll be able to apply for RTB jointly.

Now, the mortgage.

How old is she? Is your income sufficient to demonstrate the mortgage would be affordable without her income?

Madbags

How long has she lived at the property? I assume there may be a substantial discount on the buying price depending on the time she has lived there?


My father/grandmother has just bought their Council house outright from inheritance money and a substantial discount on the property value due to her having lived there practically forever.


I'm not sure if this is something that only applies to certain local councils or if it is universal.

silvershot

She would get a discount because she has lived there for over 50 years.

Would probably need to get a mortgage I'm not sure if my fiance would be able to go on it aswell as we are not married yet.

Conrad

A mortgage application is driven by the eldest applicants age. This is your biggest issue.
Typically lenders wont go beyond 65, sometimes a bit older but the payments have to be affordable, so for example if the mortgage term was only 5 years, affordability could be compromised.


So, the most important question, how old is your nan?


Often the only solution is to place the property in your name alone but this depends on the view of your local council and may well not be allowed.