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Help! Mortgage For Parents
Jamie321
Posts: 1 Newbie
Hi,
My Partner & I are looking to purchase a house for her parents. I understand that you can no longer take a Buy to Let mortgage if you're renting to family members so we'd have to take out a second mortgage. Our idea is for them to gift us the deposit for the property and they'd informally cover the cost of the mortgage each month.
I understand that the fact they're gifting us the deposit could cause an issue and I wondered if anyone knew whether or not any lenders would accept this or whether any alternative options are available to us?
Frightening to think how difficult it's becoming for our older generation when the banks won't give them a mortgage due to their age and with it seemingly becoming harder and harder for children to support!
My Partner & I are looking to purchase a house for her parents. I understand that you can no longer take a Buy to Let mortgage if you're renting to family members so we'd have to take out a second mortgage. Our idea is for them to gift us the deposit for the property and they'd informally cover the cost of the mortgage each month.
I understand that the fact they're gifting us the deposit could cause an issue and I wondered if anyone knew whether or not any lenders would accept this or whether any alternative options are available to us?
Frightening to think how difficult it's becoming for our older generation when the banks won't give them a mortgage due to their age and with it seemingly becoming harder and harder for children to support!
0
Comments
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You can take out a mortgage and let to family members.
Your other suggestion would be classed by the Lender as mortgage fraud.I 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
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