Joint mortgage for mother's primary residence - my second home

rq9292

Hi, I want to get a mortgage with my mother. I am a homeowner in my late twenties with a mortgage and she (aged 67) owns her home with a fully paid off mortgage on a house worth about £60k. She would like a home that is more accessible for her including downstairs loo amongst other things but this would require a mortgage to fund as the only houses that meet the criteria start at about £115k+. To make this affordable I am in a position to partially fund this but a mortgage would still be needed.

My question is is it possible to get a joint mortgage to buy a house as joint owners? This would technically be a second home for me but a primary residence for her. If so what type of mortgage could we get given it would be my second home? I am not selling my home and won't live at the new house but she will sell her house to fund the new one. Our combined gross income is about £53k and the mortgage amount would be £30-50k.

I am aware that we will have to pay more stamp duty and we will both be responsible for making the monthly mortgage payment. However this will hopefully allow her to meet affordability criteria and would not leave her with a lump sum at risk to possible future in-home care costs if for example I were to buy the house myself with a family BTL mortgage. 

Thanks

[Deleted User]

Do you want to be on the deeds or is it purely just for affordability purposes?

Joint Borrower Sole Owner mortgage would work that way.

Otherwise you just need a lender who allows joint borrower not living in the property. Not a difficult case but plenty lenders wont allow it so a broker could help you avoid wasting time

MWT

Affordability given your existing mortgage, and term given your mother's age would seem like the issues that a good broker could also help bring into focus...