Interest only loan!

[rumpole2018]

When My father died. I gave my rented house up and moved in with my mother to help out. Now I need my own space. Mother who is 80 owns a mortgage free house worth about £230,000. Upon her demise me and my brother would split the estate. Mother wants to buy me a house now before she goes but she still wants to stay in the house until her demise. The only way we can think of is getting a interest only loan for about 100,000 secured on her house for a term of about 10 years. A quick calculation is about £300 per month interest. I am 60 and on Disability benefit so me getting a mortage is not viable. Upon her demise my half of the estate would pay the loan off. So I need to know about penalties for early repayment what deals are out there. How it all works etc. I think that equity release would be more expensive. So any ideas or information an pointers to financial institutions would be great. Cheers in advance for help. I think this forum is probably the right forum but let me know if another forum is better suited.

[des8]

What happens to your proposed 10 year loan if your mother survives into her nineties?

I suggest you speak to a few independent finance advisers to see what's available.