My son, currently out of work thanks to the Covid situation, is renting a flat but has been given notice as the owner wants to sell.
We thought we'd buy the flat, putting down around 50% deposit and interest only-ing the rest on a mortgage.
Seemed easy, except it seems it's not.
You can't get a buy to let mortgage if a family member is going to be the tenant.
So, maybe a standard mortgage is the answer, but it seems you have to prove you have a massive income for that, which I can't currently do as I've been working more or less part time over the last few years, since our mortgage is paid off.
It seems strange that we can't just get a mortgage on a property worth twice the loan amount and with a fully paid off property of our own, especically as there would be no issue if we were renting it out to a stranger...
We can't stretch to buying the property outright, so does anyone have any experience of this situation and, if so, what was the answer?
M