Getting a mortgage with my parents

noom42

I live with my retired parents (65 & 69) who still have a mortage of £135,000 (value of property is £220,000).  They have just had a letter through about a re-mortgage. They're paying about £750 per month at the moment.
I have never had a mortgage and love living with them. My mum has Epilepsy so I like being there to help. I'd love to contribute towards a mortgage with a view to taking it over from them one day. I just wanted any advice or any issues I may face if we apply for a joint mortgage. 

My parents combined income is around £27k per year from pensions. My mum also gets PIP but don't know if that would count in an application.
I have a £20k salary from a part-time job and I earn around another £10k from freelancing (I have 3+ years worth of accounts). I have the option to go full-time with my job in February which would then be £40k per year.
My aim would be that in 3-5 years time I'd take over payments. I've done a preliminary search on a 25-year mortgage but obviously, with their ages, I don't know how this works in reality (I'm 40). 

Edi81

Other posters will come along but lots of
questions here. 

Letter about remortgage? Is it an interest only mortgage that your parents have and is due for repayment?
the biggest issue here is if one of your parents needs to go into care

just seen your other post - https://forums.moneysavingexpert.com/discussion/6276876/advice-for-my-retired-parents#latest

MWT

After connecting the dots with the earlier post I'll double down on my comment there...

You need to get some good qualified advice on this one as it is not going to be simple and there are pitfalls along the way.

You can't get a 25 year mortgage with your parents on it at first and then take it over yourself later on...

Your parents cannot sell the house to you at a concessionary rate without risks of 'deprivation of assets' becoming an issue, although that is not a certainty of course.

So I would start by finding a good broker and explain what you are trying to do and see if they can help, don't just try to research this on your own...

amnblog

You can raise £135,000 on a mortgage to buy the property wholly in your name, from your parents. The cash raised can pay off their current mortgage.

You do not necessarily need additional deposit funds.

You can then continue to live as you are, all together.

The point above about 'deprivation of assets' is valid but that is something to be aware of rather than a barrier.

You do need to use a good Mortgage Broker as most mortgage lenders will not allow Mum or Dad to stay in the property should you purchase from them (some Lenders will).