Has anybody got a mortgage with a parent?

[Hombadigada]

I'm currently renting but I am desperate for my own home. I am a 34 year old single parent on minimum wage so I wouldn't be able to get a mortgage on my own. I'm just wondering if it could work for me to go on a mortgage with my mum. She is 60 later this year but works full time, is a company director on a high salary, has no mortgage on hers and my dad's home and will have a really good pension when she comes to retire. Also I am an only child so there would be no issues re any siblings as obviously there aren't any.

Has anybody got a mortgage with a parent and can give any advice?

I think you will struggle to find a mortgage beyond 10 years if your mum is already 60. I know when we were looking, 70 was the maximum age they would lend to, which was a 30 year mortgage for us.

Would a 10 year mortgage be of any use to you?

You'd need either a really cheap property or a massive deposit.

I don’t have a mortgage with a parent but does your mum perhaps have some savings? Barclays do something called a Springboard mortgage.

As far as I’m aware, your mum would provide a ‘deposit’ which would be used as a guarantee of sorts. If you defaulted or failed to pay, then Barclays could use this money. But if you keep up repayments then she would get her money back with interest a few years later. Might be worth looking at. In theory it seems like a good idea.