FledNanders
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Any mortgage experts might hopefully be able to help with this query.
My father is planning to transfer ownership of his house to my brother and me, while retaining a right to residency for himself for the remainder of his life.
My brother currently lives in the house, and my father lives in a granny/grandad flat attached to the house.
It is planned that once the transfer is done, my brother will take out a mortgage to buy out my portion of the house so he will then have 100% ownership, and my father retains his right to residency.
My question is, are banks usually ok with lending a mortgage on a house where there is a right to residence attached to the house like this scenario?
My father is planning to transfer ownership of his house to my brother and me, while retaining a right to residency for himself for the remainder of his life.
My brother currently lives in the house, and my father lives in a granny/grandad flat attached to the house.
It is planned that once the transfer is done, my brother will take out a mortgage to buy out my portion of the house so he will then have 100% ownership, and my father retains his right to residency.
My question is, are banks usually ok with lending a mortgage on a house where there is a right to residence attached to the house like this scenario?