My mother is living in a council house and has done for over 30 years. It's a 2 bed house, my mother is the only person living there.
With the new right to buy scheme the idea was to purchase the property. However, the criteria says only the person living at the property can finance the purchase. As I do not live there or have done for the last year I cannot be on the mortgage to finance the purchase of the property.
The other option is for me to purchase the property with cash, which although sounds a option I just don't have that money spare.
My question is do any of you know of ways of how I can finance this without being on the mortgage? Have you had this problem and found a solution? Please help?
My thoughts were a guarantor mortgage with my mum on the mortgage but myself being liable, but even this is proving to be difficult.
My mother works but gets support from the government to help costs with the rent. With new laws coming into place she will be soon charged for the 2nd bedroom and she will literally be working to finance living at home. SHe will be held to rasoms for living there and given the option to downsize as a solution. I suppose thats right in the govenments eyes and many tax payers. However if possible I would like to prevent this and find a alternative solution to purchase this property. The govenment gets there money, my mum keeps her house everyones a winner right.
With the new right to buy scheme the idea was to purchase the property. However, the criteria says only the person living at the property can finance the purchase. As I do not live there or have done for the last year I cannot be on the mortgage to finance the purchase of the property.
The other option is for me to purchase the property with cash, which although sounds a option I just don't have that money spare.
My question is do any of you know of ways of how I can finance this without being on the mortgage? Have you had this problem and found a solution? Please help?
My thoughts were a guarantor mortgage with my mum on the mortgage but myself being liable, but even this is proving to be difficult.
My mother works but gets support from the government to help costs with the rent. With new laws coming into place she will be soon charged for the 2nd bedroom and she will literally be working to finance living at home. SHe will be held to rasoms for living there and given the option to downsize as a solution. I suppose thats right in the govenments eyes and many tax payers. However if possible I would like to prevent this and find a alternative solution to purchase this property. The govenment gets there money, my mum keeps her house everyones a winner right.