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Joint BTL mortgage with retired parent?
madchester
Posts: 14 Forumite
Hi folks, my Mum and I wish to invest in a house with a BTL mortgage she is retired and has a pension income of around £11000 , good credit rating and is 65 years old, I have 2 very small defaults on my credit file from around 4 years ago and a fair score but an income of £32000, we have a deposit of around 50k and the house would be £160000-£180000 so a mortgage of around £110000-130000 would be needed.
Are there any members here who could offer some advice on the above? Does it seem possible with these figures?
Thanks for any replies .
Are there any members here who could offer some advice on the above? Does it seem possible with these figures?
Thanks for any replies .
0
Comments
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Is a BTL a suitable investment for your retire Mum would be the main question. As letting property is first an foremost a business. A long term one at that. Starting such a venture at 65 requires some serious thought.0
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There are lenders that should consider this.
OFABI 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 -
Amnblog, thanks for your reply do you know which lenders would consider this or should we just approach the main ones and see where we get to?would you advise going to a broker to help?0
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Coventry / Clydesdale come to mind, think they have up to 75 years old BTL0
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