Taking Out a Mortgage on Parents Home

espra

Hi there,

My sister lives with my Mum. My Mum owns the home and she has paid off her mortgage. Is it possible for my sister to take out a mortgage on my Mum's home?

What is required in order to do this?

It is for £90k, the property is worth £320k.

Any information would be great here.

Thanks

TonyMMM

She can't get a mortgage on a property she doesn't own ......do you mean your mother wants to sell a share of the property to your sister ?

If not, what is she trying to achieve ?

espra

Thank you for your response.

We want to release some equity from the property to cover debts in other areas, ultimately the three of us will be loaning from the property and all contributing to the repayments.

My Mum would do it but they will only give her a 10 year mortgage due to her age and she can't get a 10 year mortgage for £90k.

So is the best way to sell that share of the home to my sister?

Thanks