Buying a house for someone else in Scotland

nanny79

Is it possible to buy a house for someone else in Scotland without a buy to let mortgage?

I am a carer and had to give my job up 5 years ago. I'm currently renting but for various reasons i would really like to move. My housing association & local council consider my child & I to be adequately housed & I have been on the mutual exchange list for years with no joy.

My ex partner (not my childs father) has offered to help to buy a house. As a carer, I am not in a position to buy for the foreseeable. We looked at buy to rent mortgages but I don't have a 25%+ deposit. He wondered if he could buy a house & effectively 'give' it me where I'd have my name on the title deeds and be financially responsible. Could something like this work?

Please be gentle, I've never bought a property so likely naive!

davidmcn

How was your ex planning to buy the house? He could certainly buy with cash and give it to you (or just give you the cssh). A standard mortgage needs him to be an occupier. And you can't then just transfer the mortgaged house to someone else.

Otherwise he'd need a BTL mortgage with you as a tenant. Is that an option?

nanny79

Thanks for your reply. He had planned to buy to let initially but after speaking to a whole of market mortgage advisor found the deposit needed is 25%+ (I have max 10,000 so was looking at properties under 100,000 to ensure a 10% deposit).

bris

No it's not possible.

eddddy

From your posts, it's not very clear what you are trying to do. Is it the following?

- You want to buy a house with a £10k deposit and £90k mortgage.
- You would not pass the affordability test for a £90k mortgage, but your ex-partner would, so he would act as guarantor.

So, even though you wouldn't pass the affordability test for a £90k mortgage, you believe that you can actually pay the monthly payments? Or is your ex-partner going to pay them?

And your ex-partner believes he can pass an affordability test for an extra £90k mortgage (on top of any mortgage/rent etc he might have already)?

Having said all this, I'm not sure that there are any 90% LTV guarantor mortgages available, but a mortgage advisor would be able to tell you.

nanny79

eddddy wrote: »

From your posts, it's not very clear what you are trying to do. Is it the following?

- You want to buy a house with a £10k deposit and £90k mortgage.
- You would not pass the affordability test for a £90k mortgage, but your ex-partner would, so he would act as guarantor.

So, even though you wouldn't pass the affordability test for a £90k mortgage, you believe that you can actually pay the monthly payments? Or is your ex-partner going to pay them?

And your ex-partner believes he can pass an affordability test for an extra £90k mortgage (on top of any mortgage/rent etc he might have already)?

Having said all this, I'm not sure that there are any 90% LTV guarantor mortgages available, but a mortgage advisor would be able to tell you.

Yes, he saw a mortgage broker recently & based on his income & outgoings can get a mortgage up to £200,000. I intend to pay the mortgage plus deposit. I haven't heard of a guarantor mortgage, thanks, will have a little google.



I can