- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
I am in the process of purchasing a 3-bedroom family house with my mother. She is contributing £190K from the earnings of her previous home due to a divorce settlement. I will be securing a mortgage of £110K to complete the purchase. Unfortunately, my mother is currently unwell and unemployed, making it impossible for her to secure a mortgage in her name. As a result, I will be taking out the mortgage in my name and potentially transferring it to either my sister or brother in the future. It is important to note that I will not be residing in the house, so I will not be responsible for making mortgage payments.
## Expansion
The complexity of the situation raises concerns about potential complications or misunderstandings that could arise in the future. While I trust my siblings to honor our agreement, there is still a level of uncertainty that lingers. Hence, it is crucial to consider the importance of having legally binding documents in place to protect all parties involved and prevent any misunderstandings or disputes from occurring.
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I am afraid this is a terrible idea and you should really shouldn’t do it. what happens when you want to buy your own property?
Have you actually taken this up via a mortgage broker?
You will lose the benefits of being a first time buyer, I’m also not sure that this is entirely ethical by your mother.
If she can’t get a mortgage with a £190k deposit she should but my a house for less than £190k.
The entire risk is with you and when they default on the payment you will be liable. They will not be as inclined to make the payments as there are no repercussions on them.
You also need to declare to the lender the exact situation around the requirement for the mortgage. As you are not going to live in the house it is not a standard product and most lenders will not lend under those circumstances. If you do not declare the situation, you will be potentially committing fraud.
I’d also like to ask how the suggestion of this arrangement came about. Did your mum suggest it?
My only experience of this was my nan and uncle, after a few years my uncle met someone, that someone wanted the house, so my uncle to my nan to court, took years, my nan was very stubborn and if it wasn’t for my other uncle, who had to step in with alot of money, they both would of left with nothing! House had to be sold and my nan and uncle never spoke for 15 years, she didn’t even want to speak to him on her death bed, she left only 1 thing in her will and that was a framed letter, the first letter his solicitor sent my nan!
This is the extreme side of what can happen
> I will not be paying the mortgage as I will not be living there.
If your mum stops paying the mortgage or is unable to pay it for whatever reason, then it will impact on you. And the lenders are more likely to come after you than her, because their objective is to get their money and you can’t get blood from a stone.
So you should not enter into this unless you are happy to accept that you may end up paying 100% of the mortgage.
You need to talk to a lawyer. NAL but what you describe sounds like a massive f*up can and will happen somewhere down the line and someone will be left with a house, the mortgage or both that they don’t want or can’t afford to pay.
For the love of god, please don’t go ahead with this.
This is puzzling. Sounds like mortgage fraud. For the scenario you are suggesting it seems a buy to let mortgage would be more appropriate but a lender would not be happy with your mum living there. You’d lose your FTB benefits and if you wanted to purchase a home of your own both mortgages would need to be factored in the affordability calculation.
The mortgage provider is unlikely to add your siblings names because they did not lend to them. This is good because side it protects you which you need as you and your mother have substantial capital at risk.
An arrangement in principle doesn’t really mean anything, if you commit to this the solicitor will start doing proof of funds and may raise flags that stop you proceeding which means you lose funds.
I am surprised your mortgage broker let you get this far, it suggests you have not told them what your family is planning or you have and they have suggested a deed or trust between you and your mum.