re-mortgage advise

mth_2

Hello - My first post

Ok, here goes.... I own a house with my mother that I live in with my GF (mum lives elsewhere in her own house). We have a 'declaration of trust' saying I own 60% and my mother the other 40%. At the moment, it is mortgage free.

What I want to do is take out a mortgage on the house for £90,000 (house worth approx 170-180k) to do some work on the house including fit central heating, add a loft conversion and various other bits'n'bobs.

Is there any problem in taking out a mortgage in mine and my mothers name, or will there be any kind of complications with me living there and mum living elsewhere or with the declaration of trust? Initially I wanted to take out the mortgage on just my 60% therefore not endangering my mother's share but it looks like that isn't possible from the feedback I've had from the mortgage broker.

Any advice/help appreciated on the best way to approach this!

Thanks

grogdog

what did the mortgage broker tell you to do?

mth_2

grogdog wrote: »

what did the mortgage broker tell you to do?

He said "I'm going on holiday, I'll look into it next Tuesday"

I am obviously going to listen to the broker's advice when he comes back but I am just trying to get some other opinions in the meantime. From my perspective I can't see it being any different to a 'normal' re-mortgage

Conrad

Should be ok with one of the lenders that allows one party not to reside, but with the reservation that other factors such as Mums age and debt ratio fits criteria.

mth_2

Conrad wrote: »

Should be ok with one of the lenders that allows one party not to reside, but with the reservation that other factors such as Mums age and debt ratio fits criteria.

Thanks. We should be ok on the debt ratio as she has no debt and her house is mortgage free as well.

I will be paying the whole mortgage myself (or with my GF), but from what you say there, there shouldn't be too many problems...

Conrad, are there many lenders that don't allow mortgages between two parties when one doesn't reside there then?

luckyfool

mth wrote: »

Thanks. We should be ok on the debt ratio as she has no debt and her house is mortgage free as well.

I will be paying the whole mortgage myself (or with my GF), but from what you say there, there shouldn't be too many problems...

Conrad, are there many lenders that don't allow mortgages between two parties when one doesn't reside there then?

Many will not. If your mum has no debt or credit problems then there shouldnt be too many difficulties. Depending on her age, and the term that you are applying for your broker may need to ensure that they also look at a lender that will not restrict the term based on your mum's age (i.e. if the term extends beyond her 65th birthday).

mth_2

OK, thanks for the help guys.