Transferring Equity/Remortgage Help

VSP

Hi All

Apologies for the length. I'm a newbie and just want to make sure I've covered as much as possible.

My Dad currently has a joint mortgage with my Mum with about £15,000 left to pay (the value of the house is worth approx £200,000). His current mortgage is due for renewal in October. His business is not doing so well and we are currently trying to sell but he has debts of approximately £38,000 which he will need to settle.

We don't think he will be able to remortgage (no regular income), so ideally we want to take him off the deeds/mortgage and transfer me onto the deeds/mortgage joint with my Mum. We would then remortgage and take about £60,000 from the house so that we can pay the debts off.

I've spoken to a few high street banks for mortgages who advised they can't offer a remortgage because my dad would still live in the property.

Without the remortgage we're struggling to meet expenses for the business and he may struggle to find a remortgage in October. If the business can no longer continue to operate in the very short term, we're going to be in serious financial difficulty as we'll need to pay debts immediately.

Any advice on what we could do? Thanks.

Thrugelmir

Mortgages aren't renewed. Precisely what is happening in October.

Does your mother have an income in her own right?

How old are your parents?

Senior_Paper_Monitor

Insufficient detail here - but assuming you are financially sound there should be a solution - but you are unlikely to find it 'on the High Street'.


Get a broker involved NOW !

VSP

Thank you both.

Apologies for any confusion, my Mum and Dad's current mortgage deal (of 10 years) is coming to an end in October, but due to the current situation, me and my Mum are trying to get a joint remortgage in our names and remove my Dad.

My Mum does have an income of her own, however, it is not enough for her to cover payments for a remortgage of £60,000.

My Dad is 60 in August and my Mum is 55 in September.

I have a secure job and my credit rating is 993 and I have no major debts (car insurance on a 0% credit card of approx £600 which I pay monthly).

I will be getting in touch with a broker tomorrow.