Council Discount

Astraios

Hi,
I was hoping someone in this forum could help with a query please?

My mum has been in a council property since 1991 and is able to receive a council discount.

The issue is that she is now 57 years old - is it too late for her to get a mortgage. Can we as her children use the discount to purchase the property?

We have grown up there and it would be a shame if my mums discount went to waste.

Thanks

kingstreet

No and no.

Affordability and selected retirement age will determine the amount and term of any mortgage.

Only those resident in the property for at least twelve months can join the tenant in 'right to buy.'

ACG

57 is not too old to get a Mortgage, but it would come down to affordability. At 57 is she plans to retire in 10 years then then the maximum term would probably be 10 years which would mean the amount she can borrow is less than a 25 year mortgage but there is not enough information to say whether it is likely to fit or not.

In terms of including children, I think they would need to be on the rental agreement possibly for 12 months. It would also mean if you go on the Mortgage/deeds it could impact on stamp duty down the line or if you are already on a Mortgage it may mean higher rate stamp duty is chargeable on this purchase.