Complete novice as have only ever rented so please be gentle ;)
I currently live with my partner and 3 children in rented accommodation. We want to look into buying our own home but as partner does not work it will be based on my wage alone which quite simply won't get us what we are looking for.
I was discussing it with my mum, who already owns her own home, and she offered to try and get a mortgage with me!
Basically apply for a mortgage in mine and my mums names which I would then pay back. This would potentially double the mortgage we could get and make it more likely to find the home we would like.
Is this a viable idea? Anyone know how it would work? Would it be a first time buy or not as it would technically be my mums second property??
Any advice really appreciated, thank you :)
I currently live with my partner and 3 children in rented accommodation. We want to look into buying our own home but as partner does not work it will be based on my wage alone which quite simply won't get us what we are looking for.
I was discussing it with my mum, who already owns her own home, and she offered to try and get a mortgage with me!
Basically apply for a mortgage in mine and my mums names which I would then pay back. This would potentially double the mortgage we could get and make it more likely to find the home we would like.
Is this a viable idea? Anyone know how it would work? Would it be a first time buy or not as it would technically be my mums second property??
Any advice really appreciated, thank you :)