Transfer of equity help (Scotland)

Pam_from_Glasgow

Hi, I bought my house 14 years ago and we put both my name and mums name on the mortgage although I pay everything to do with it.. We simply put both names on as I was living abroad, and as a safety-guard (incase anything happened to me!) so my mum would get the house.
Bottom line is, I'm home again, with a child and the house isn't big enough so I need to extend, I have 9k left to pay off my mortgage, so asked to extend my mortgage and have asked to transfer equity to my name as my mum is 70 this year and tsb told me they won't extend my joint Mortgage as my mum is too old!!
So NOW, tsb are telling me that we can't transfer equity and my mum stays in the house!!

The only way to do it - according to them! is that my mother moves out!!

I find this completely ridiculous. I'm thinking it won't be as easy as telling them she is moving in with my brother in his already overcrowded house!!
I will phone CAB tomorrow and ask about this too- but wondered if anyone else gas heard of this?

Help anyone??

kingstreet

Yep. It's normal.

Someone remaining in the property after being removed from the mortgage and ownership could give rise to legal issues if the lender later tried to take legal action to repossess.

The best option may be to attempt a remortgage into your sole name with a new lender while conducing the transfer of equity. Ensure any new lender will accept your Mother's continued residence in the property before you commit to any expense.