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    • davida1992
    • By davida1992 15th Jan 20, 10:07 PM
    • 21Posts
    • 2Thanks
    davida1992
    A mortgage for a house for my mother to live in
    • #1
    • 15th Jan 20, 10:07 PM
    A mortgage for a house for my mother to live in 15th Jan 20 at 10:07 PM
    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.
Page 1
    • Caz3121
    • By Caz3121 16th Jan 20, 8:00 AM
    • 12,608 Posts
    • 8,229 Thanks
    Caz3121
    • #2
    • 16th Jan 20, 8:00 AM
    • #2
    • 16th Jan 20, 8:00 AM
    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?
    Originally posted by davida1992
    have a look at "regulated buy to let mortgages" which would seem to cover your scenario
    • getmore4less
    • By getmore4less 16th Jan 20, 8:06 AM
    • 38,439 Posts
    • 23,875 Thanks
    getmore4less
    • #3
    • 16th Jan 20, 8:06 AM
    • #3
    • 16th Jan 20, 8:06 AM
    What sort of numbers are we looking at for each property.

    Value and mortgage for each property with your proposal.
    • JMA74
    • By JMA74 16th Jan 20, 11:39 AM
    • 1,081 Posts
    • 778 Thanks
    JMA74
    • #4
    • 16th Jan 20, 11:39 AM
    • #4
    • 16th Jan 20, 11:39 AM
    have a look at "regulated buy to let mortgages" which would seem to cover your scenario
    Originally posted by Caz3121
    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
    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.
    • p00hsticks
    • By p00hsticks 16th Jan 20, 11:58 AM
    • 7,373 Posts
    • 8,273 Thanks
    p00hsticks
    • #5
    • 16th Jan 20, 11:58 AM
    • #5
    • 16th Jan 20, 11:58 AM
    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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