Taking over parents mortgage

Claires267

I'm 32 living at home with my parents. My father has been out of work for some time and my parents are having difficulty paying their mortgage. I am thinking that maybe I could take it on. The house is worth £150,000. There is £60,000 left on the mortgage. I work full time, have a average paying job and will continue to live in the house for the foreseeable future.

How realistic is the idea of me doing this. Would lenders be favourable?

Any advice/help would be most welcome!

Thrugelmir

Could you not simply pay the mortgage for them in lieu of rent?

Claires267

i want bring the repayments down by spreading what's left over a longer period of time

Caz3121

Claires267 wrote: »

The house is worth £150,000. There is £60,000 left on the mortgage.

are you planning on purchasing for full market value?
If planning on purchase for less your parents (e.g. mortgage amount) should be aware of deprivation of assets (as in theory they would be giving away £90k)