I am thinking about helping my parents buy a property as they need more appropriate accommodation due to illness and they are getting no where with their local council and social housing.... I have seen a bungalow for £120,000. They have £40,000 for a deposit. I don't want them taking a mortgage - don't even know if they'd get one! But I am prepared to take an £80,000 mortgage to cover the shortfall and for them to rent this part of the property off me. I have heard that you can't get buy to let mortgages for family though. Does anyone have any advice?
I already have my own property with 4 yrs left on the mortgage.
I already have my own property with 4 yrs left on the mortgage.