Looking for a Right To Buy Mortgage with Mum - She is the tenant and 67

Mrs_Flax

Hi,


I'm hoping someone can help? I'm looking to get a mortgage to purchase my family home. My Mum is the named tenant and I have been down as living there since we moved in (1991.)


The issue is that my Mum is retired and 67. She has no incomings apart from her state pension. I earn a good wage and have very little outgoings. I have no car or dependants so apart from rent I only really pay bills and utilities unless I go on holiday or out for food etc so I'm in a very lucky position.


I'd now like to buy Mum's house with the right to buy, but as I'm not the tenant the mortgage would have to go in both our names. I'd get a 56% discount and the house is worth around £115,000.


I want a mortgage where ideally I don't need a deposit but can use the equity in the house as a deposit. My other issue is that I'm not sure anyone would lend to me if my Mum needs to go on as a joint owner as she has no incomings and is 67.


Can anyone tell me if it would be possible to get a mortgage with these circumstances and where would I start? The RTB people want a mortgage in principle before they will accept my application.


Many thanks in advance!

Red-Squirrel_2

Mrs_Flax wrote: »

I'd now like to buy Mum's house with the right to buy

What does your mum want?

Mrs_Flax

Oh that side is sorted - my dad dies five years ago and she's really upset at the idea of the house going back to the council if she passed away. She was the one that suggested it. I just need to know if it's possible to get a mortgage with these circumstances? I think Mum would be more upset then me if it wasn't possible.

chelseablue

Seems to be a lot of I's in your post. Does your Mum want to buy it?

Mojisola

Mrs_Flax wrote: »

Oh that side is sorted - my dad dies five years ago and she's really upset at the idea of the house going back to the council if she passed away.

Why? The council gave her a home when she needed one. Does she resent the idea that some other family in need should be given a home?

Red-Squirrel_2

Mrs_Flax wrote: »

Oh that side is sorted - my dad dies five years ago and she's really upset at the idea of the house going back to the council if she passed away. She was the one that suggested it. I just need to know if it's possible to get a mortgage with these circumstances? I think Mum would be more upset then me if it wasn't possible.

Does your mum understand the benefits of having a secure council tenancy? Does she realise the big risk she'd be taking by using RTB?

Might be moot anyway, I don't think you can use RTB unless you live in the house yourself.

Mrs_Flax

Guys - please understand that I've been there since 1991 (I was three when I moved in.) I'm not looking for a political debate on the right to buy scheme or why my mum might be upset that after living somewhere with her family for 26 years, putting a lot of money into it herself with home improvements and then knowing that that house won't be my family home too forever because I may want to buy a house one day too. I can buy the house as long as I can get a mortgage - that's what my post is asking for help with. Thanks.

Red-Squirrel_2

Mrs_Flax wrote: »

Guys - please understand that I've been there since 1991 (I was three when I moved in.) I'm not looking for a political debate on the right to buy scheme or why my mum might be upset that after living somewhere with her family for 26 years, putting a lot of money into it herself with home improvements and then knowing that that house won't be my family home too forever because I may want to buy a house one day too. I can buy the house as long as I can get a mortgage - that's what my post is asking for help with. Thanks.

If you buy the house, you will have to pay for any and all repairs and maintenance as well as the mortgage. If your mum becomes ill or disabled and you need adaptations like an accessible bathroom, ramps or a stair lift, you will have to pay for that. If you lose your job and can't pay the mortgage, you will both lose your home. If you become ill or disabled yourself and can't pay the mortgage you will both lose your home. If you meet somebody and want to move out, or if they move in but you get divorced, the house is at risk.

Your mum has a home right now that she can stay in until the end of her life, she can't be thrown out, somebody else will pay for all the upkeep of the building and if the house becomes unsuitable as she gets older the council will deal with that for her.

She might well want to be able to leave you the house, but if you are a good son/daughter and you have her best interests at heart, you won't let her put herself in a worse situation for your sake.

Mrs_Flax

That's not what I'm asking - I would rather pay for my Mum than have the tax payer pay for her. She has looked after me as a child and I want to return that favour in later life for her. I'd rather put my money into this for my Mum's security than buy another house for myself elsewhere and then have no extra money to look after my Mum in her later life. She would be financially better off and have more security. I don't understand why people are being so negative. I'd be doing a good thing and investing in both our futures?

Mrs_Flax

I was hoping that with this post maybe someone in a similar situation could recommend a broker but it seems that most comments posted are just personally attacking mine and my Mum's decisions.

Red-Squirrel_2

Mrs_Flax wrote: »

I was hoping that with this post maybe someone in a similar situation could recommend a broker but it seems that most comments posted are just personally attacking mine and my Mum's decisions.

I won't apologise, I will always try to get people to realise what they are throwing away when they try to do this.

Your mum has the holy grail, a secure, affordable home for life. Think about that, please.

A house on a mortgage is absolutely, categorically, not more secure than a lifelong council tenancy. What if you went under a bus the day after completion? It does happen you know!