Remortgage my share of jointly owned home

blackadder76

Re mortgaging my share of a jointly owned home

I own a house jointly with my mother, and we have a joint mortgage which has £11700 left on it. My share of the house is worth approximately £35,000.

I moved out of this house and now live in rental accommodation, I am struggling to cope with escalating monthly repayments on debts, credit cards loans etc and I am looking to consolidate this into 1 lower monthly payment.

I am looking to remortgage my share, I have no CCJs or default but I have a few late payments on credit cards in the past year.

At present the mortgage is joint but I would be looking for the remortgage to be in my name only.

What do you think my chances are of securing a remortage and how much would I be able to borrow, my income is £22500 per year.

Senior_Paper_Monitor

For you to remortgage in your name only she would have to be removed from the deeds. While some additional protection could be provided to her by way of second charges, Deeds of Trust etc would this be acceptable/fair to her (as your debts will suddenly establish a claim on her home - incidentally any lawer processing this will insist she received independent legal advice advising her of the implications).

There are some complicated issues around gifting, CGT, deprivation etc (all of which also need professional advice with detailed information available).

I can't get my head round (but it is late on a busy Friday) your value/mortgage figures - and you don't advise whether this is a 'joint tenancy' or 'tenants in common' ownership basis, which has some other implications.