Can my mum and I get a mortgage for a house for my parents to live in?

doconline

Hi,

Bit of a reverse of the bank of mum and dad question. My dad has just retired and my mum has about 8 years left till retirement and is working part time. They are currently renting and have about £40k to put towards a house / flat. This would pay a 40-50% deposit on the size / type of property they would like, and I wondered if anyone knew if it would be possible for my mum and I to get a mortgage together for the property? We did enquire to a mortgage broker about my parents getting a mortgage with my wife and as as a guarantor, but they said they probably wouldn't get it because of my dad's age.

So in summary:-

My mum and I would like to get a mortgage for 8ish years.
My mum and dad will live there
They would consider a retirement property (must be 55yr old to live there), not sure if this would be allowed with me on the mortgage?

Any ideas anyone?

Thanks in advance for any help.

betmunch

You Are looking for a mortgage with a non-resident borrower.


They are not commonplace but some lenders will do it for you depending on your overall situation.


Best thing to do is get talking to an experienced broker and go through a full fact find.


Good luck

doconline

Great that is the sort of thing I need then. I don't think it should be a problem financially, as my income will cover the mortgage amount anyway. Just wondered mainly about whether we could get one together with my dad being a resident too, didn't want that to be a problem. Also, the retirement property angle, but that would be more of a legal question to ask the seller of the property I guess.

betmunch

Cant see it being a problem with your dad living there, I know who I would be asking first assuming all other things being equal.


Dad will need to be named as an adult living there.


Also, if you are looking at retirement properties you will need to make sure that the lender allows this as security.


Theres nothing you have posted so far that makes me think it cant be placed, but theres a lot more too it than can be covered in an online forum

Senior_Paper_Monitor

Source of deposit (joint mum and dad) may be an issue for many lenders.


Probably doable (on the limited information provided) but with a small number of lenders.


As betmuch says - "there's a lot more too it than can be covered in an online forum" even if we were allowed to make specific recommendations.