Mortgage with my 81 year old mother

jack_daneee

Please can someone suggest a decent bank/building society who will lend 69,000 to myself and my mother we want to buy my mother council house in both our names but I will be the one with the mortgage. I am having such problems with banks not wanting to lend because my mother is over 80 years old. I am 51 and run my own business. So lend 69,000 I thought should be no problem. Please can anyone help or suggest something. Thank you.

V.Lucky

Does your Mother need to be on the mortgage, or would just you both being on the deeds suffice, and then you could get the mortgage in your own name.

p00hsticks

V.Lucky wrote: »

Does your Mother need to be on the mortgage, or would just you both being on the deeds suffice, and then you could get the mortgage in your own name.

I presume the mother is living in the council house, and the OP isn't. Under the right to buy, it's therefore the mother that has to buy the house and be on the deeds. The OP isn't going to be able to get a mortgage without being on the deeds as there is no security for the mortgage.

elsien

Wouldn't that mean though that if the house is half mums, the mortgage company wouldn't be able to recoup their losses if the OP couldn't pay for whatever reason?
Aside from an 81 year old who's been perfectly happy as a tenant for years suddenly having a burning desire to become a home owner. OP is the property suitable for mum's changing needs as she gets older as if not she will be losing the chance to swap to a more suitable property if she needs to.

Yorkie1

jack_daneee wrote: »

Please can someone suggest a decent bank/building society who will lend 69,000 to myself and my mother we want to buy my mother council house in both our names but I will be the one with the mortgage. I am having such problems with banks not wanting to lend because my mother is over 80 years old. I am 51 and run my own business. So lend 69,000 I thought should be no problem. Please can anyone help or suggest something. Thank you.

V.Lucky wrote: »

Does your Mother need to be on the mortgage, or would just you both being on the deeds suffice, and then you could get the mortgage in your own name.

OP's mother has to be on the mortgage application as this is a Right to Buy situation.

OP, do you live with your mother?

In this sort of situation it is usually in the older tenant's best interests to remain a secure tenant of the property, without the responsibility for maintenance etc. OP, why is this situation different in your case?