Buying With A Parent

willieverbuy

Hello,

I'm wondering if anyone can help me although it is probably very unlikely. I currently rent with my partner but cannot get a mortgage with him as he has a terrible credit rating. I can't get a mortgage on my own for anything worth living in near where I work (well unless you count a £72,000 chalet home that I can only live in for so many months of the year.)

Recently my parents decided to help me out in any way they could and recently I tried to apply for a mortgage with my Mum as she owns her own home and receives a good NHS pension. As she is 61 I struggled to find any lenders who would consider us except Nationwide but now they have told me that she has to live in the property if she wants to be on the mortgage.

Any ideas of alternative lenders or something else I could do to get on the market? The property I wanted was only £149,000 but I'm not sure what to do. Can my Mum get a buy to let mortgage and rent it to me? Could she gift me the difference as a deposit? I don't understand why my Mum can't be on the mortgage if she is willing to take half of the financial responsibility.

Thanks in advance if anyone can think of anything, and if not no worries - I have pretty much ran out of ideas myself. After 3 years of renting a damp, dingy bungalow my patience is wearing very thin.

AnotherJoe

How about your partner fixes his terrible credit rating and then you buy together? Have you explored that route?

When you say "Could she gift me the difference as a deposit?", what difference?
Do you mean between what you can borrow and the cost?

That is doable if she has the cash, though it seems hard on her to demand she gives it to you she could either give it to you, or more sensibly make it a loan with payback not required until you sell or remortgage. You'd have to draw up an agreement with a solicitor.

kingstreet

Speak to an independent broker.

We can put together 'Joint Borrower, Sole Proprietor' deals so you can have a parent as guarantor who does not own your home, so no SDLT surcharge and the term can be to 80, so less pressure on term/repayments.