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Mortgage for Dependent + first time buyer.
CuriousScot
Posts: 1 Newbie
Hi all
Unsure where to turn and so registered here on MSE as maybe someone can offer advise through past experience. I am a bit in the dark and Google wasn't the greatest help.
I am a first time buyer and so never had a mortgage before. I plan on purchasing a house in Scotland and this will be for my parents who will take this up as their full time residency. I will not live at this house as I will be renting elsewhere however the house I plan to purchase for my parents will be in my name - title deeds, mortgage, all household bills etc. Ultimately, all liabilities will lie with me. After speaking with a mortgage advisor, they mentioned that due to these circumstances, I will have to opt for a 'Mortgage for Dependents' as my parents are retired and do not have any income. This was news to me as I thought I could get a 'residential mortgage' and pay that type of mortgage back like many others do - potentially utilising some of the available schemes in the process (Help to Buy, Shared Equity etc.).
Has anyone had any prior experience of what I have described above? Keen to know how others went about this, overcame any 'gotchas' or provide advise for the process that I will be going through in the future.
Thanks.
Unsure where to turn and so registered here on MSE as maybe someone can offer advise through past experience. I am a bit in the dark and Google wasn't the greatest help.
I am a first time buyer and so never had a mortgage before. I plan on purchasing a house in Scotland and this will be for my parents who will take this up as their full time residency. I will not live at this house as I will be renting elsewhere however the house I plan to purchase for my parents will be in my name - title deeds, mortgage, all household bills etc. Ultimately, all liabilities will lie with me. After speaking with a mortgage advisor, they mentioned that due to these circumstances, I will have to opt for a 'Mortgage for Dependents' as my parents are retired and do not have any income. This was news to me as I thought I could get a 'residential mortgage' and pay that type of mortgage back like many others do - potentially utilising some of the available schemes in the process (Help to Buy, Shared Equity etc.).
Has anyone had any prior experience of what I have described above? Keen to know how others went about this, overcame any 'gotchas' or provide advise for the process that I will be going through in the future.
Thanks.
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