Am enquiring for my dad who is 65 -bascially our old family home came up for sale at 60K. There is only a brief window of opportunity to buy it.
Between my father and I we could afford a 20% deposit. My initial idea was to put the house in my name and my father would rent from me - he is happy with this as he is renting now for a large sum for quite a poor property. The rent would be in the same range, but for a better house and the old family home. This rent would cover the cost of the mortgage.
However, I recently moved jobs and the lender pulled the application, saying I'd need 3 wage slips from the most recent employer.
What I suppose I'm wondering now is, is there anyway the house can be put in my father's name - he is 65 - with me as a gaurantor, over 25 years?
Or could it be put in another relative's name, under an FTB mortage, then the deeds transferred - or would this leave the debt to the original purchaser?
Thanks in advance.
Between my father and I we could afford a 20% deposit. My initial idea was to put the house in my name and my father would rent from me - he is happy with this as he is renting now for a large sum for quite a poor property. The rent would be in the same range, but for a better house and the old family home. This rent would cover the cost of the mortgage.
However, I recently moved jobs and the lender pulled the application, saying I'd need 3 wage slips from the most recent employer.
What I suppose I'm wondering now is, is there anyway the house can be put in my father's name - he is 65 - with me as a gaurantor, over 25 years?
Or could it be put in another relative's name, under an FTB mortage, then the deeds transferred - or would this leave the debt to the original purchaser?
Thanks in advance.