Mortgage advice

Discussion in 'Mortgages' started by Montuiiri, Sep 18, 2019.

  1. Montuiiri

    Montuiiri New Member

    Hi

    I am seeking advice for my mum.
    My mum is 68 and has a property she lives in paid off but wants to buy an investment property.
    She has a good deposit but requires around 60k from a mortgage/remortgage/buy to let mortgage.
    The property she wants is leasehold 950years+ and a ground floor flat.

    Would a leasehold flat with a large lease have any issues gaining any form of mortgage if that is the best option to go for?

    Any advice as if this is possible and best way to proceed?

    Many thanks
     
  2. diyhelp

    diyhelp Active Member

    I would check with the experts but I think that any lease with more than 80 years to go is deemed a “good investment” by mortgage companies. Without being rude, the only major issue I can see is your mum’s age and whether she has the income to support a mortgage.
     
  3. I am no expert but I think your mother’s age may be in issue with mortgage companies. Whether you were to take out a joint mortgage with your mother or begin some kind of inheritance tax planning, perhaps these are other ways to address the issue?
     
  4. lookinginvest

    lookinginvest Member

    There may be some scope for a joint mortgage or, as one person suggested, perhaps look at some form of inheritance tax planning?
     
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