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Which type of mortgage...?
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Aryndeneth
Posts: 218 Forumite

My mum is single and retired. She can no longer afford to stay in her current house. She has asked me to consider buying it. She would sell it to me at a good price and the money would enable her to stay in her home. When she passed away I could then keep or sell the house.
My query is, if we went ahead with this idea, what type of mortgage should I be looking into? I won't be living in the house which is a requirement of a standard mortgage but the buy-to-let mortgages all seem to have rules around the resident not being a family member?
Does this mean I can't get a mortgage for this purpose or is there another option I've missed?
Any advice much appreciated.
My query is, if we went ahead with this idea, what type of mortgage should I be looking into? I won't be living in the house which is a requirement of a standard mortgage but the buy-to-let mortgages all seem to have rules around the resident not being a family member?
Does this mean I can't get a mortgage for this purpose or is there another option I've missed?
Any advice much appreciated.
0
Comments
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You can get a mortgage for this purpose provided you can afford the payments.
Such a mortgage will affect your future mortgage options on your own home.
Has your mum considered an equity release mortgage in her own name?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You can get a mortgage for this purpose provided you can afford the payments.
Such a mortgage will affect your future mortgage options on your own home.
Has your mum considered an equity release mortgage in her own name?
Thanks for the info. Is there a specific name for this type of mortgage or do I just need to approach lenders and explain the situation and see what they say?
Equity release is potentially an option, Mum's looking into that. I'm just exploring the side of things related to me potentially buying the house from her.0 -
You need a broker. You don't need to be approaching lenders until you 'get lucky'I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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