Mortgage on a joint owned property

ClayAve

Bit of a strange one here... I own a property with my mother. The property is owned outright and we have no mortgage. Myself and my wife want to get a small joint mortgage (25% ltv) against the property to carry out a loft conversion and extension. All 3 of us live in the property. My mother is happy for this to happen, but I'm unsure if it's possible. Any advise is gratefully received before I start booking mortgage appointments.

Just to add, if it makes much difference, we are in south East England

Caz3121

would the plan be to add your wife's name to the deeds?
the norm is that the parties on the deeds and those on the mortgage are the same
your mother would therefore need to be party to the mortgage, which, depending on age, may restrict the team of loan

ClayAve

We wernt going to add my wife to the deeds, no.

My mother is about to turn 60, that plus the fact she is on a low wage would mean she would not be eligible for a mortgage.

Caz3121

ClayAve wrote: »

We wernt going to add my wife to the deeds, no.

I doubt a lender would lend for a property where she would not be on the deeds which may leave you with joint mortgage with mother