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Living in a home your family own?
veggielove
Posts: 50 Forumite
Hello
We are in Scotland.
What does the law say about living in a property that is owned by a family member who will be paying the mortgage and letting us live there?
This would be in the event we were refused a mortgage to buy said property from my family member.
How would it work? Would we have to be down as care of ? Since its neither our mortgage or a tenancy?
Thanks 😊
We are in Scotland.
What does the law say about living in a property that is owned by a family member who will be paying the mortgage and letting us live there?
This would be in the event we were refused a mortgage to buy said property from my family member.
How would it work? Would we have to be down as care of ? Since its neither our mortgage or a tenancy?
Thanks 😊
0
Comments
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Our daughter lives in one of our properties. All bills in her name, not care of.Forty and fabulous, well that's what my cards say....0
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Will you be paying them any rent?2024 wins: *must start comping again!*0
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Do the relative's mortgage conditions allow this?A residential mortgage requires the person who owns the property to live there and most BtL mortgages don't allow renting to a family member.1
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No they won't live there they will live across the road in the home their spouse has purchased. Family members still going to be paying mortgage and council tax as normal. We are in private rental hell right now. It's a fight right now trying to get a place because every place we view has loads applying for it.0
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So I guess it's a no then 🤷 gosh how frustrating. Thanks for the replies.0
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I don’t see why it would be a no, I have a very small residential mortgage on a property with permission to let and they have no problem with my daughter living there.1
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Oh really? OK thats cool. Maybe we should ask?0
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I think the keyword above is 'a very small mortgage'. No sane lender is going to allow this, because in the event of a default they would have to evict the family members before they can sell the property.
But you have nothing to lose by asking. If allowed, it would become a BTL mortage at a higher rate of course.No free lunch, and no free laptop
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Ah right I see. Well then it would not be an option I doubt they will change their mortgage to a more expensive one to help us out.0
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