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Right To Buy - HELP!
Comments
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Sounds like Sons lived for rent free. Now wants to buy with massive discount.... yet hasn't paid a penny towards it.
I don't support cheats.0 -
They are. The point I was making was no lender is going to entertain this idea. If they wanted to repossess the property, they need to have a contract with all owners with the right to live there.
Some lenders offer sole proprietor (owner), joint borrower however.
That's not true though because I can think of at least one lender who will allow more people named on the deeds than the mortgage. Unfortunately for the OP's friend though I'm almost certain that lender does not offer Right to Buy mortgages.0 -
Maybe some confusion here but strictly speaking the "mortgage" is the security over the property - all owners require to sign that, no matter who is being lent the money.That's not true though because I can think of at least one lender who will allow more people named on the deeds than the mortgage.0 -
Why does the mum want to buy it?
You should advise your friend that this is a really bad decision, and what is best for his mum is to keep renting her council house as she currently does. She has nothing to gain from buying it, but everything to lose.
But of course as we know, from many many threads like this, it isn't about "what is best for his mum" but about "what is best for his friend and how can he get a £50,000 handout that he doesn't deserve", whilst taking another house out of social ownership.0 -
Where are all these horrible people coming from who want to risk the homes belonging to their parents just so they can get some free money. Mum could end up in one room in a house shared with strangers if this goes wrong.0
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I wonder if there really is a get rich quick 'friend'.0
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