Rules on family living in property when you are not there

HampshireH

bdubs32 said:

Thanks for the replies. I know I have had professional advice, but it never hurts to get a second opinion, and this is a very knowledgeable community in my experience

To answer some questions about why my mum would do this: she has had a lot of bad luck financially and doesn't have much saved nor a house of her own, so I figured this would be a way she could help to actually pay towards some kind of equity (e.g. if the house price rises, I can sell in five years and buy her a flat), rather than just paying rent outside of the family.

....... Why doesn't she put it in a savings account? Far safer. I appreciate rates are rubbish but "gifting" you the money means it's not hers. There is no legal right to equity and you will need to pass affordability for a mortgage without this income being considered.

What if you don't sell for more and/or you need the equity to buy your next home?

What would your rent & bill contributions (her 60/70%) v her rent & bills now offer her a saving of a month?

csgohan4

OP why are you setting up another duplicate post, what info did you already receive were you not happy with?

https://forums.moneysavingexpert.com/discussion/6227521/rules-on-buying-a-house-and-not-living-in-it#latest

FTB_Help

bdubs32 said:

To answer some questions about why my mum would do this: she has had a lot of bad luck financially and doesn't have much saved nor a house of her own, so I figured this would be a way she could help to actually pay towards some kind of equity (e.g. if the house price rises, I can sell in five years and buy her a flat), rather than just paying rent outside of the family.

Surely if you're really looking to help mum out, you wouldnt accept 60-70% mortage payment from her and actually allow her to stay for less than 50% to allow her to save as much as possible?

It is sounding like you really can't afford this without mum?