Mortgage Options to help Elderly parents buy?

Dan1e11ee

My parents have been living in Ireland for 10 years and due to I’ll health are wanting to return back to their adult children. They have their own home worth about £300k and will receive some inheritance about £180k but not till beginning 2023 once probate and sale goes through. 

A lovely house is up for sale at the end of my garden. It’s expensive but location perfect, bungalow, detached everything they want and we can pop over anytime. 

Problem is market is crazy here and the house whilst overpriced for conditions probably won’t be available for long. 

I am about to remortgage my own home 186k in a house valued at £501k. Husband is highest earner but I have just accepted a job offer that give me £37k a year/ currently part time and 18k. Not sure my salary played much of a deal in affordability. 

Any thoughts on my getting a BTL mortgage interest only- joint owners with parents putting in £300k now. Then they can either buy me out at a later time/ or keep it going till it has to be sold in 15/20 years time. Might be in position to change to remortgage in future too. 

Their are some mortgage products for over 55’s and I suppose I could act as guarantor. 

Many thanks 

csgohan4

BTL lenders will usually not let relatives/Applicants stay. Also getting a mortgage will be limited by age of the oldest applicant as well as income. 

Discuss with a broker to see your options. 

amnblog

How much is this property and how much mortgage will you need to raise?