Mortgage for dependent relatives

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Does anyone know where my sister and I can get a mortgage for buying a house for my parents? They are providing a big cash amount but my sister and I are eligible to get a mortgage. We wouldn't charge them rent.

See a broker. Do you each have mortgages already? It will be complicated as contracts will have to be drawn up with a solicitor to say who has interest in the property.

Yes we have mortgages. I have already spoken to a solicitor about it.
I am just wondering are there specific products that would be catered to our needs?

You will need a regulated Buy To let mortgage as you'll be putting relatives in there to live. You will also be counted as landlords even if you don't see it that way so will need to provide gas safety certificates etc, even if money is not exchanging hands. You'll be paying a 3% additional stamp duty as you already own property.

You need to see an experienced mortgage broker / IFA to source the best mortgage deal for you and also to explore the costs so you all know what you're signing up to.

Virgin money used to do a mortgage for this purpose. It must be less than 75% LTV and you will have your income and expenditure checked to ensure you can afford two mortgages.
You cannot get a standard buy to let. Most exclude letting to a family member.
You will be liable for extra stamp duty and also capital gains when it is sold.

Thanks. Delilah would we still have to pay capital gains even if we lived there for over 30 years? We are buying the house that they have lived in and we grew up in.

Yes capital gains applies - you'd be buying it in order to get the mortgage on it, and at whatever point in the future you sell it you will face CGT on the increase for any time you didn't live there while owning it.