A mortgage for a house for my mother to live in

Hey all, looking for a little advice.

I am currently in a situation where I own 50% of the house that I am living in, my mother owns the other 50%. Essentially my mother was supposed to move out with her partner and essentially things just did not work out as planned.

I am going to remain in this house with my partner as it is bigger and there is space available to us for what we are looking to do. My mother is not in a position to move out and afford a place of her own and to be honest probably never will be.

So mine and my partners thought was that we essentially get a second mortgage in both of our names (me and my partner - that means I will have 50% ownership of this house with my mother, and 50% of another house with my partner.) We can afford to pay out for the other property and we think we could get a mortgage to cover it. My concern is, am I able to get a standard mortgage for a house that we do not plan to live in, as long as a relative is staying there? We will be taking on the costs of the mortgage costs so we are not renting it, so a buy to let mortgage I don't think is suitable.

Before I contacted my bank, I was wondering if it was OK to get a house for family to stay in.

Thanks in advance.

Comments

  • Caz3121
    Caz3121 Posts: 15,544 Forumite
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    davida1992 wrote: »
    am I able to get a standard mortgage for a house that we do not plan to live in, as long as a relative is staying there?

    have a look at "regulated buy to let mortgages" which would seem to cover your scenario
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    What sort of numbers are we looking at for each property.

    Value and mortgage for each property with your proposal.
  • Caz3121 wrote: »
    have a look at "regulated buy to let mortgages" which would seem to cover your scenario

    2nd home for a dependent relative sounds more suitable? Can easily do that as a residential mortgage then and a lot more lenders than a regulated btl
  • p00hsticks
    p00hsticks Posts: 12,802 Forumite
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    Would it not be simpler (not to mention more tax efficient) to just buy out your mother's 50% of the current property, thus giving her the money to buy somewhere else by herself ?
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