Help needed, 2nd mortgage to help parents

Dragonfly1980

Hi,

I'm really hoping someone can help me.

My parents are retired and in their 60's, my mums health isn't great and they live in a semi detached house. They really need a bungalow but their house isn't worth enough to buy one.

I'd really like to help them. I have a mortgage with my husband and we have a good income and enough disposable income to be able to take a mortgage on half a bungalow with my parents paying the other half with the sale of their house but I can't find out anywhere if I can do this. It would be a 2nd mortgage for me.

Can anyone offer any advise or help. I'm really struggling to find information. Buy to let is out I think cos it's for family but it's not my main residence so that's also an issue.......

I would hate to have to tell them I can't help.

Thanks for reading :beer:

betmunch

You would need a mortgage for a dependent relative, its usual residential rates but not many lenders will do it due to you already having a mortgage.

Best bet is to speak to a mortgage broker