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Mortgage deposit advice
whimpo1991
Posts: 6 Forumite
Hi,
I am looking to buy a property with my mother (aged fifties), She has already paid her mortgage off.
I have my own mortgage with my partner separately that I am currently paying (aged twenties).
I wanted to know the best way to apply for a mortgage?
If I have the mortgage in my name I think I would need 20% deposit for the property as I already have one mortgage I am paying.
If we apply in my mother's name I believe we would only need a 10% mortgage - is this true? As she already owns a house.
My worry is that they may not give her the mortgage as she is in her fifties and close to retiring. Any advice please?
Ta!
Sunny
I am looking to buy a property with my mother (aged fifties), She has already paid her mortgage off.
I have my own mortgage with my partner separately that I am currently paying (aged twenties).
I wanted to know the best way to apply for a mortgage?
If I have the mortgage in my name I think I would need 20% deposit for the property as I already have one mortgage I am paying.
If we apply in my mother's name I believe we would only need a 10% mortgage - is this true? As she already owns a house.
My worry is that they may not give her the mortgage as she is in her fifties and close to retiring. Any advice please?
Ta!
Sunny
0
Comments
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What is the intended purpose of this purchase/mortgage?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Massively depends on what you are planning to do with the property.
Where is the deposit coming from?
If you remove all that you think you know about what your options are, tell us what you want to do and we will tell you if it can be done0
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