Hi all,
Wondering if you can help me with whats turning out to be a complicated motgage!
My husband and i are attempting to buy his mothers home. shes in her early 60's and is widdowed. My husband is also an only child. Her home is still the family home and she simply cant afford to live in it.
My husband and i sold our home and moved in to pay the bills. Thinking long tern neither she or my husband want to sell the property as it has much sentimental value and it a really unique home. Unfortunately its just not big enough for us all. We wanted to add an extension/granny flat/semi detached type thing on the side for his mum and live in the house ourselves. His mum thinks this would be brilliant but financing it is proving hard.
We are seeing a mortgage advisor on Sat but having done my research as it is an 'extension' and his mum is not technically moving out this proves to be a problem for the motgage companies. So far the only option we have came up with is a shorter term mortgage including his mum but that gives no flexibility with monthly payments etc as they will be high from the outset.
The house is owned outright and we are in our early30's.
Can anyone think of other ways around this or has been in a similar situation themselves?
Thanks for reading.
Wondering if you can help me with whats turning out to be a complicated motgage!
My husband and i are attempting to buy his mothers home. shes in her early 60's and is widdowed. My husband is also an only child. Her home is still the family home and she simply cant afford to live in it.
My husband and i sold our home and moved in to pay the bills. Thinking long tern neither she or my husband want to sell the property as it has much sentimental value and it a really unique home. Unfortunately its just not big enough for us all. We wanted to add an extension/granny flat/semi detached type thing on the side for his mum and live in the house ourselves. His mum thinks this would be brilliant but financing it is proving hard.
We are seeing a mortgage advisor on Sat but having done my research as it is an 'extension' and his mum is not technically moving out this proves to be a problem for the motgage companies. So far the only option we have came up with is a shorter term mortgage including his mum but that gives no flexibility with monthly payments etc as they will be high from the outset.
The house is owned outright and we are in our early30's.
Can anyone think of other ways around this or has been in a similar situation themselves?
Thanks for reading.