Thanks for getting back to me.
I will need a mortgage and have already been told that I'm eligible for the necessary amount to buy the house at full market value.
My parents took out an interest only mortgage approximately 7 years ago, the terms of which expire in October. They do not have the funds to pay the capital on that mortgage. At the time, the plan was always for me to take out a mortgage to buy the house when the term ended and when that was discussed with the various mortgage providers we were told that wasn't a problem. Now, however, they are telling us that if I buy the house my parents can no longer live there.
To me, this seems ludicrous. This is our family home - it is the only home I have ever known as I still live with my parents, and the only house that my parents have lived in since they were married (they bought the house in 1972). If I can't buy the house and still have them live with me I'm going to have to buy a different house and we all move into there. Either way, my parents would still be living with me.
Is there any way that we can all stay in our home?
Lloyds Bank and Santander mortgage advisors. Lloyds have said that there is absolutely no chance of my parents remaining as I might kick them out and make them homeless. Santander have said that the sale must be 'vacant possession' which means we all would need to move out for me to be able to buy the house. Neither of these reasons make sense to me.