First Time buyer OAP

H

Hasslehoff

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Hi

I have an issue , my parents , are OAP but FTB as they inherited they live in a home provided by a trust. So they never have purchased a property despite being both over 72 and there could be a problem with the trust but thats another issue.

I am wondering if a bank woud provide them with a mortage to buy a property at this stage , i know this would be unlikely but i am wondering if some of the family who are reasonable well off could go guarantor on such an arrangment.

My thinking is that the could aquire a property , no stamp duty and receive FTB grant , if they defaulted on the mortgage the guarantor steps in - feedback would be appreciated
 
Even if a family member cleared the mortgage in the short term I doubt very much you will find a lender willing to do this. FTB status for SD is irrelevant really to the lender. Most lenders cut off at 70 yrs, some may go higher depending on circumstances/top ups.

Lenders will take age plus mortgage term plus abiity to cover repayments by way of regular income into account. It just doesn't add up.

I thought the FTB grant was abolished approx 3 yrs ago. Did you mean TRS?

From the post I don't think this is the case, but if they are looking to release equity from the property there are other options. If you run a search on AAM it will bring them up for you.
 
No bank will lend to them becuase of their age. went through this myself. Previous poster is correct - age 70 is the cutoff. If they were say 60 yrs. they might get a mortgage but it would be for a maximum term of 10 years (70 cut off) and then they would have to demonstrate the income to make the payments.

Your only option is to buy the house in your name and then they make the payments on the mortage. Very compicated when siblings are/are not involved in the purchase.

This gets kinda sticky as regards the revenue seeing this as your rental property and might look for investment stamp duty to be paid. You might want to check with revenue on what stamp would be due - you could put there names on the deeds and revenue MAY accept this.

Certainly there is no FTB grant available anymore.

By all means seek advice from someone who has been through this before - i dont think you will find many on this website...you may have to seek a few solicitors before you find one with the expertise.
 
cheers guys , did not mean to say FTB Grant, just meant the mortgage assistance.
Will talk to First Active or ESB to sound them out , I thought once a guarantor is involved it is a different agreement and I am sure there are some unusual rules. It is for the revenue reason that I am looking at this avenue. If I buy it and let them live in it I will be obliged to pay all that is due under an investor/rental agreement. My ideal is to have it in there name but pay the mortgage if they default which will be inevitable at there age.
Cheers anyway
 
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