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Buying a house with annexe for parent - advice please
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Nicole123*
Posts: 1 Newbie
My husband and I are looking to purchase a house with an annexe for my mother. She will sell her house (no mortgage) and put in £250,000 from this sale, we will mortgage the other £450,000. The mortgage company said my mums name cannot be on the mortgage or deeds and must be declared as a 'gift'. We want to protect my mums £250,000 investment in case anything goes wrong and we need/want to sell so she gets back her % worth (£250k plus or minus if the house is worth more or less at time of sale). Is there a legal way of doing this to satisfy both the mortgage company and us? Thanks.
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Different mortgage company. Someone posted in here with a similar situation a week or two ago and their mortgage co was OK with it. Use a broker.0
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