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Mortgaging a right to buy property
Janeenstevens
Posts: 1 Newbie
If we are able to borrow money from family member to buy outright a council propey wI'll full discount ... how long until we can mortgage the property to repay the loan? Not selling or moving out of the house, intention is for son to buy house for parents as a means of always having a home for them, himself (if needed) and a home for his children if ever needed? Making it a joint mortgage for him and parents based on his earnings as both parent's are retired? Is it plausible? All the guides say about selling after buying but nothing like this.... any thoughts appreciated.
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Comments
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If it the parents who are on the rental agreement with the council then the son will not be able to purchase the property. Only those named on the tenancy agreement have the right to buy.0
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I think the OP is planing to buy with cash. Then later getting a joint mortgage on the unencumbered property0
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