Joint Mortgage Application
Posted on 14 March 2016 by Jessica
My parents are retired and have 4 years left on their mortgage with £150000 to pay still. Can my brother and I get a mortgage for the amount remaining so they don't have to move?
The short answer is 'Yes!' However, that will depend on your income and the property value, etc..., but it is a feasible scenario used by a lot of families. The transaction will be arranged as a concessionary purchase as you and your brother will not have to put a deposit from your own funds and both parties – you and your parents will need a separate legal advice.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you a better idea of how we can help.
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.