Q&A

my mum has a btl mortgage and is wishing to add us to mortgage so we can live in it.

My mum has a btl mortgage on a house. House value is £165000 and current mortgage is £123000. She wants to ensure we have a home if she dies. (We rent ATM) her Tennant's are moving out in 6months and she wishes for our growing family to move into her btl house and we take on the mortgage with her name still in it and stop throwing money down the drain. Her current mortgage is £500 pm and we pay £650pm. How would we go about taking over the mortgage she would be giving us the deposit if around 40k and we would take on the 123k mortgage What's the best way to go about it. Many thanks