Some Assistance

hummy

I live with in my parents home and although the mortgage is in their name i actually pay for it. The current mortgage payment is £280.
With an increasing family and the want of my parents for us all to live together they agreed that we should build an extension and also do a loft conversion. The current outstanding mortgage is £60K and the house is valued at around £320K. So my parents are wanting to take out an extra £50K on a remortgage.
However, this is where the struggle starts. What i assumed to be a fairly simple process given the amount of equity in the property is actually quiote a complicated process. Firstly, the mortgage is in joint names. My dad is 55 and mum 50. Remortgaging now means they can only provide a term of about 15 years due to their respective ages and the repayment will be over £1000 a month. But also its complicated by the fact that my mum went on holiday recently and missed some payments which have caused her credit rating to be affected and while my dad was away on holiday he also got a default judegement recently which is being contested in court next month. So lenders are not overly keen on lending at the moment.

Are there any other options i have or any way of getting out some of the equity to help with the refurbishment.

Thanks

Conrad

If your credit is good you might be able to buy the house in your name only.

With having missed a mortgage payment, they wont be able to borrow from anyone other than a couple of higher charging lenders with rates from 5%, but could be more. If more than 1 missed payment then a remo will be expensive. Have they considered a loan?

Rates on a loan will be VERY high due to the missed payments.

hummy

they haven;'t missed any mortgage payments as i am paying that and pay that on time , what they missed were a couple of credit card payments because they went off on holiday recently.

begbeer

Have you finance of your own because to be honest 50k sounds very cheap for an extension and a loft conversion. I know have had both done with a very good builder and together it was almost 100k

hummy

i have some but not the total amount needed for the works. In total should be about £25K for works..only single storey extension.