Right To Buy Mortgage

Jo385088

Hi,

Im looking to buy a council house using my Mothers Right to Buy. We currently have a joint tenancy and have both lived in the property. My mother qualifies for the maximum discount so she will be the first named applicant. My mother does not wish to apply for a mortgage nor do she want to be named on it. As she is 62 and about to retire with no private pension, its unlikely she'd be approved for a mortgage do to her income and age.

I'm aware we will both be named on the deeds. I also know that no where in the Right to Buy Legislation does it state how a Right to Buy has to be funded, however most lenders required us both to be named and approved for the mortgage.

Is anyone aware of any lenders who would allow me to do a single named mortgage on a joint right to buy application. Any advice on where I can go to find this out without having to pay or actually start a mortgage application??

tlc678910

Hi, I'm curious if you will allow me to ask.

Do you intend to continue living with your mum at the property for the rest of her life?
Or do you think you will sell?

If you will sell how will you ensure that your mother has the secure home for life that her council tenancy offers her?

Tlc

ACG

I dont think there is, none that I know of anyway.

Bare in mind if you purchase this property and then decide to purchase another, you would be hit with the higher rate of Stamp duty.