Joint Mortgage 40K with parent

Cocotree

Hi everyone 

So my mum has left the renewal of the mortgage to the last min and now the bank are requested the remainder of the money which is 40K. 

I am opting to join her on the mortgage as this seems like the most liable and reasonable option than to sell as she own 90% of the property. So remortgaging and taking out additional money to extend the lease will add more value to the house as it stands.  

My question is would I loose my rights as a first time buyer and are there any other cons I should be aware of if I opt to do this. This is all pretty new to me. 

Any help and advice would be helpful - thank you !!!  

kingstreet

Cocotree said:

My question is would I lose my rights as a first time buyer and are there any other cons I should be aware of if I opt to do this.

Yes. Plus second property stamp duty land tax surcharge on your home when you buy it.

Have you thought about a joint borrower, sole proprietor mortgage. You can help with affordability without affecting your future SDLT liability. Get advice from professionals whichever way you consider.

Cocotree

kingstreet said:

Cocotree said:

My question is would I lose my rights as a first time buyer and are there any other cons I should be aware of if I opt to do this.

Yes. Plus second property stamp duty land tax surcharge on your home when you buy it.

Have you thought about a joint borrower, sole proprietor mortgage. You can help with affordability without affecting your future SDLT liability. Get advice from professionals whichever way you consider.

Thank you for this just thought id use this platform to get some additional advice - I have contacted a mortgage broker to discuss further about other options, so I'll be sure to look at the ones you have mentioned above. If I can find a way to not affect my SDLT that would be great. Thank you !