Posted on 1 October 2012 by Ryan
My mother owns the house im currently living in. Is it possible for me to get a mortgage on 50 - 75% of it there in freeing some money for her??
Unless you are the owner of the property you will not be able to use it as security for a mortgage.
Your mother can either sell the property to you, so that you can raise a mortgage to pay her for it or she can apply for a Buy to Let mortgage to raise the funds herself. She will not qualify for a Lifetime/Equity Release mortgage as it is not her main residence. There will be a restricted number of lenders who will consider a property let to a family member, but I believe we can help her and that she would benefit from speaking to one of our independent mortgage advisers. Please ask her to call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you both find a solution.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.