Property News · September 4, 2017

Can I buy a house for my mum to live in rent-free?


I’m doing well financially while she is struggling, but there seem to be hurdles regarding close relativesQ My mum is 52 and lives on her own on a low income in the north of England. I rent and work in London and am fortunate enough to be on a fairly good income. My mum, however, is struggling, so two years ago I started covering her mortgage payments. She has approximately £90,000 equity in her home and an outstanding mortgage of £50,000. She earns only £18,000 a year.Given that I am already covering the mortgage payments I am considering buying the house and letting her live in it rent free. The benefit being that she can then release the equity and pay off her credit cards and enjoy some of her hard-earned money. Continue reading…

Source : theguardian.com
Read more…Can I buy a house for my mum to live in rent-free?

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