Can my son get a mortgage on half a house?

Currently my son is renting his Nanny’s house because she is in a care home. Sadly I do not think she will live much longer (97 in poor health) so we will have to sort out the ownership of the house (got 2 years till her savings run out). The Will splits it into 6 with my son getting a sixth and my husband getting a sixth. The other 4 recipients are expecting my son to purchase the house and will not contest this. My son has a decent job but his partner’s job position is precarious at the moment and his relationship is not quite ready for that commitment so he may not be able get a mortgage for the 4 sixths remaining. I do not want a mortgage at my age (it is possible as i have a good (safe) income and have 10 years before government pension age). 
So.. My husband & I would like to take ownership of half the property (hubby’s share + cash) and my son would like to get a mortgage for the remaining 2 sixths (possibly less as he has some savings) We would own half the property each. 
Can he get a mortgage? Is this situation possible?

Comments

  • El_Torro
    El_Torro Posts: 1,424
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    If Nanny does live longer than 2 years then money for the care home will have to come from somewhere, possibly even selling the house. Maybe not a likely scenario depending on how bad her health is. 

    If you want to own the house between three of you then this is certainly possible, shouldn't be an issue.
  • ACG
    ACG Posts: 23,621
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    In essence your son and husband would own the house jointly. 
    It can be done but there are lots of ifs and buts. It is worth speaking to a broker as a lot of information is needed to check if it is possible and the rates. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Suba
    Suba Posts: 3
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    I don’t want to own the house jointly (not like partners). I want my half to be safe from the bank.. We are ready for the situation in 2 years as my son will be in a different position then but we expect it to happen sometime this year. My son’s rental payments are extending the time before we need to sell the house. 
  • ACG
    ACG Posts: 23,621
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    You cant secure a mortgage on part of a property. 
    Which part would they repossess if the mortgage was not paid?

    The mortgage is secured against the whole house. The owners of the house would also need to be named on the mortgage. 

    If you only want the mortgage in one persons name (or in joint names) but only secured on part of the property, then no that cant be done. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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