Right to buy mortgage - adverse credit

gutsu001

hey,

My mum has recently applied for a right to buy application with me being on the forms, so the title deeds will have both our names. My mum is around 59 years old currently unemployed.

the market value is £280k and after discount it will be £185k. I myself can put around £85k towards a deposit and need a mortgage for £100k. I am currently employed earning around £31k per year.

the problem is that my mum had a bankruptcy in feb 2013 and discharge feb 2014. I know that it will be on her credit file for 6 years.

there are two problems to get a mortgage, one is my mums age and the other her credit profile (mine is alright). i spoke with a mortgage broker who advised that because of her age only barclays/woolwich would consider the mortgage as all other firms do not give mortgage to 50+ year olds.

i have also asked them if it is possible to get the mortgage only under my name while the deeds will have both of our names (legal right to buy requirement) and he said no.

i would be really grateful if anyone can give any advise/solutions for our situation.

thanks

Senior_Paper_Monitor

Barclays/Woolwich criteria:

Bankruptcy/Debt Relief Orders/IVAs:

Lending to a customer with a history of bankruptcy OR who has been the subject of a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA) can be considered provided any bankruptcy, DRO or IVA was registered more than 6 years ago from the date of submission of any mortgage application and no longer shows on the credit reference bureau information.

It is not acceptable to lend where we are aware that any applicant is currently bankrupt or subject to a DRO and/or IVA.




This case is only going (possibly) to run with two possible lenders - and neither is Woolwich (nor are they anywhere near as cheap as Woolwich)

gutsu001

I remember reading somewhere on this forum (a few years) that it maybe possible to get a mortgage under person x name but have person x and person y on the title deeds. I think HSBC was mentioned, would this be possible with any provider