Mortgage to clear equity release

clefairy_5

Hi, I'm looking for some advice please.

My mum currently has about £65,000 outstanding in the form of equity release on her house. My brother and I want to get a mortgage to clear the equity release. However having researched it online, it seems to be quite complicated, because it would essentially be a buy to let with a family member in the house.

I currently have a mortgage with my husband and my brother doesn't have one as he rents a house.

My mum's house is worth roughly £165,000. So she has about £100,000 equity in it. In an ideal situation she'd like to gift the equity to us, this would then be used as a deposit for the new mortgage of £65,000.

Another option, could my mum be added to the mortgage as she has a monthly income of £1500 (after tax) this would easily cover the monthly repayments.

We are happy to consider any options to clear the equity release. Thanks in advance for any advice. :beer:

TrickyDicky101

Have you checked the T&Cs of the equity release and are you permitted to clear it without penalty?

betmunch

It seems complicated to do as a BTL because it is.

Don't over complicate it, get a broker on the case, a decent one will get it sorted on a standard residential mortgage.

This is assuming there's nothing you haven't mentioned that would stop you, there's nothing in the OP that excludes you

clefairy_5

There is a small fee to pay on the equity release if its paid back early, but this doesn't matter as we would rather clear it.

Thanks for the advice betmunch about getting a broker. We'll try this.