Advice on remortgaging

lizc

Wondered if someone could give me some advice here. I live with my eldest daughter and own the house. Until now I've paid my own mortgage etc, as the house would have eventually gone jointly to my 2 daughters. My youngest daughter has since died, and I'd now like to put the mortgage in joint names - mine and remaining daughter. We will then pay everything jointly which will help as I'm now on a fixed pension. I know some people will think this a bad idea, but we have an excellent relationship and I'm no more worried about sharing a mortgage with her than I would be with a partner.

We thought of remortgaging as we could then borrow a bit extra and get some essential work done on the property. I owe less than a quarter of the value of the house currently. As my daughter is working and in a very secure job we feel happy about taking on a new mortgage over a slightly longer period as this will also cut costs - while still ensuring that the mortgage is paid off before she retires.

Would remortgaging be a sensible move in these circumstances?

VIGILANT22

Why not, if affordability isn't a problem you should both enjoy being in a comfortable home........

hillcats

Firstly, sorry to hear about your youngest daughter.
What happens though when / if your eldest child finds a partner and they decide to settle down, she would then possibly be unable to get another mortgage with her partner as already tied into the financial commitments of a mortgage with you.

Why not re-mortgage yourself, (Revise your will, leaving it to the people of your choice) make sure you have good life cover on yourself and then rent a room to your daughter, which would make this situation so much easier all round.

And you of course still get the help you need with extra income, to then put towards overpayments.