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I write this on behalf of family friends.
My friend and his girlfriend wish to buy his mother's council house, which they both live in. He and his girlfriend are not on the tenancy although they are otherwise registered at that address. He will put down a deposit and get a mortgage.
However, his mother, who is the council tenant, has a very bad credit rating and will struggle to get a mortgage. In any case, she intends to move in with a new partner and have nothing to do with the house once it's bought.
How do they get around this?
1. Is it possible for my friend and his girlfriend to get a mortgage without his mother being on it, even though the mother will be a co-owner?
2. Is it possible for all three to get a mortgage, probably through a specialist broker given the adverse credit issues, and for the mother to then transfer her share to the other two without having to pay tax or repay her RTB discount?
3. Is it possible for the mother to 'give' her tenancy to her son and his girlfriend, so they effectively step into her shoes, and apply for the Right to Buy themselves with the same discount his mother was entitled to, without her involvement at all in the house purchase?
Many thanks in advance.
My friend and his girlfriend wish to buy his mother's council house, which they both live in. He and his girlfriend are not on the tenancy although they are otherwise registered at that address. He will put down a deposit and get a mortgage.
However, his mother, who is the council tenant, has a very bad credit rating and will struggle to get a mortgage. In any case, she intends to move in with a new partner and have nothing to do with the house once it's bought.
How do they get around this?
1. Is it possible for my friend and his girlfriend to get a mortgage without his mother being on it, even though the mother will be a co-owner?
2. Is it possible for all three to get a mortgage, probably through a specialist broker given the adverse credit issues, and for the mother to then transfer her share to the other two without having to pay tax or repay her RTB discount?
3. Is it possible for the mother to 'give' her tenancy to her son and his girlfriend, so they effectively step into her shoes, and apply for the Right to Buy themselves with the same discount his mother was entitled to, without her involvement at all in the house purchase?
Many thanks in advance.
