My sister is looking for amortgage under what seem to be unusual circumstances and has been knocked backby a couple of mortgage brokers - can anyone give advice?
The situation is this:
Our elderly parents own theirown house outright. Dad has Alzheimersand Mum is struggling to cope so the plan was that they would sell their housein Devon and move to Bristol where they could live with my sister. They have found the house they want to buybut are short by £40k. My sister doesnot have a mortgage or savings but is currently paying £500 a month in rent -more than enough to service the required mortgage. The idea was that my parents would bring £180kin cash and my sister would get a mortgage of £40k to cover the shortfall andall three of them would co-own the house.
To our untutored eyes thislooked pretty straightforward - a mortgage of £40k (over 10 years) on a houseworth £220k has to be a reasonable prospect.
However, we are now findingthat it is impossible to find anyone willing to give her the mortgage becausethe parents are over 80 and would, apparently, have to be named on the mortgagebecause they have an interest in the property (even though they wont have anypart in paying it off) and lenders wont give mortgages to people of that age.
Can anyone see any way roundthis situation? Are there any mortgagelenders out there who would help us out?
The situation is this:
Our elderly parents own theirown house outright. Dad has Alzheimersand Mum is struggling to cope so the plan was that they would sell their housein Devon and move to Bristol where they could live with my sister. They have found the house they want to buybut are short by £40k. My sister doesnot have a mortgage or savings but is currently paying £500 a month in rent -more than enough to service the required mortgage. The idea was that my parents would bring £180kin cash and my sister would get a mortgage of £40k to cover the shortfall andall three of them would co-own the house.
To our untutored eyes thislooked pretty straightforward - a mortgage of £40k (over 10 years) on a houseworth £220k has to be a reasonable prospect.
However, we are now findingthat it is impossible to find anyone willing to give her the mortgage becausethe parents are over 80 and would, apparently, have to be named on the mortgagebecause they have an interest in the property (even though they wont have anypart in paying it off) and lenders wont give mortgages to people of that age.
Can anyone see any way roundthis situation? Are there any mortgagelenders out there who would help us out?