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How do I raise finance to extend a house
Syrra
Posts: 1 Newbie
My mother owns a house with no mortgage. She has asked me to move in with her (she is getting old). I need to raise finance to extend the house. (100k) how do I go about doing this? My mum won't be able to get a mortgage at her age now so I want to take on the responsibility. Thanks in advance for your help. 
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Comments
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Your mum's age should not be an issue if you can afford the mortgage on your own - subject to usual underwriting.
A case for a mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Your mum's age should not be an issue if you can afford the mortgage on your own - subject to usual underwriting.
A case for a mortgage broker.
You may know more than me, but doesn't someone have title to a house to raise a mortgage against it?
OP: the following article (which I haven't read fully) suggests you can raise a personal loan to extend a house:
http://www.thisismoney.co.uk/money/mortgageshome/article-2673253/Cant-house-extension-mortgage-Try-personal-loan.html0 -
What's to stop the tile changing?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Nothing at all.What's to stop the tile changing?
But aren't there issues to think about like:
IHT
If the OP's mother is going to need care and who is going to pay for it? The OP's mother or the council.
CGT
If the OP will be in a divorce situation, in which case the 'future ex' gets a share of the house.0 -
Yes there are.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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