Mortgage without actually owning the house

sarmap

hello I'm hoping someone can help with some advise, we are moving out of our home and moving in with my mother in law. When we sell our house we will clear our santander mortgage of 143,000 and hopefully have about 6k left over. We need to extend my MIL's house to accommodate us all, it would be far cheaper for us to take out a mortgage than a loan, my query is my MIL owns her house outright, it's in her name only, can we take out a mortgage on her property as we aren't legally owners of the property. She is more than happy to do this and will sign any documents saying we have her permission etc. The only other alternative is to take out an unsecured personal loan which is capped at 25k the building work will be in the region of 40k
Thanks for your help

LillythePink

Are there any other children ie sisters/brothers of your OH?

If you are going to be paying to extend her property, is that investment going to be protected in the event of her death and the estate being distributed to her children?

If not, then that is something else for you to think about - as morbid as it sounds, it will need to be done.

If there are no further children, then could you not buy the house from her and attach a life time enjoyment clause to it or something along those lines so you can't just throw her out on the street etc?

How old is she? Can she not get a secured mortgage on it in all of your names but you pay for it?

Farmerbob

No you cant do that, if you take a mortgage out you would have to be on the deeds therefore the legal owner. She would hae to sign the house over you to do that. Sorry

Rgs