Getting a mortgage for mum

Gidzee

Hi all, I am just back from visiting my mum on the council estate she lives on. She bought her house in the 80s, but due to her not being particulalry good with money she still has a few years left on her mortgage. We would love her to move off of the estate (it's rough to say the least and she lives on her own). Anyway, to cut to the chase, she is too old to get a mortgage to move to a better area, I had a thought at the weekend that maybe my brother and/or I could get a small mortgage that she could use to move to somewhere new putting the equity in her current house down as a deposit. The deposit would be around 70% of the value of the new house/flat. I am 39, my brother is 37 and I currently have a mortgage. My mum can pay the mortgage that we take out as she plans on working for around another 10 years. Has anyone had any experience of this type of scenario or know of anyone that has, and if so what is the best way of going about it? I will speak with an advisor but would like to gain as much knowledge as possible before I do. Any help would be greatly appreciated. Cheers, Gidzee.

betmunch

This is possible with the right lender.


No where near enough info to say if it will be possible in your personal circumstances though.


Get in touch with a good broker and discuss in full and they should be able to tell you which lender will consider your application.