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Tricky one here!

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  • Tricky one here!

    Hi all and here goes - my mother applied under the right to buy scheme and was successful, she has been offerd the 3 bdroom house for 56k but only she has her name down on the application as the other 3 kids are too young to join in on the right to buy and i moved out some years ago.
    Anyway - im going to be the one to put down a 32k deposit and take out a mortage on the house but i cant as i was not included on the application
    also mum does not have an income apart from what comes thru on social so how do i go about getting a mortage for mum but she has no imcome? i would transfer the whole 32k to her account so they can see this and tell them they will get payment every time each month or shall i just give it all up

    thanks.

  • #2
    Re: Tricky one here!

    If you transfer the money to her the danger is that you'll set up a tax liability for her. You should probably speak to a mortgage broker, as it may be the case that you need to put in a new application.

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    • #3
      Re: Tricky one here!

      Sounds like you will need to apply again under both names as I am pretty sure the lenders that offer the mortgages under right to buy have to see the documents prior to offer and on those documents the borrowers have to be listed.
      Anthony
      Compare the Mortgage Market
      http://www.comparethemortgagemarket.com

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