borrowing against my share of house

oldthing

hello every one, here goes with my problem, we are currently living in australia and have been for nearly two years, due to family problems ( don,t ask, way too much stress involved etc) we are planning on returning soon , my wife will be staying on in oz temporarily so we can keep the cash coming in ( bless her ), the thing is we need a lump sum in order to get a mortgage in the uk ( about 20% of the price of the house ), we have enough cash to start again but most would go as part of the deposit, i am hopng there is a way i can release some money from the half share i have in my mother house, she has no mortgage and the house was signed over to my brother and myself about seven years ago, obviously i do not want to risk the chance of any financial problems in the future for mum or anyone, so is there a way i could borrow a share of my half without having to pay it back untill the house is sold hopfully, many,many years from now, ps. i,m not a bad son, just stuck between a rock and a hard place at the moment, thanks for your replies,

Ian_W

No way I know of. Equity release, which is borrowing against or selling a portion of a property which isn't repayable until the death of the owner, is only available to the over 55's. Even then the younger you are the less value you receive as the lender [or purchaser of a % of the home] has to wait a long time to collect. If your mum still owned the prop she may have been able to do equity release and lend it to you but as you own with your bro that doesn't apply.