Help needed please

AOC

Hi, I am new to this so please be gentle.

My wife and I currently live in a property that is owned by my Mother in Law. We are looking to do some building work on the property that equals approx £80k.

We are currently looking at options on how we can raise this money. As the property isn't in our names, we can't currently get a Mortgage against it and that isn't going to change anytime soon.

So one option was to look for an un-secure loans or if allowed, join my parents deeds and get a mortgage with the security of their home or look at guarantor mortgage. Main problem with Guarantor is that my parents are retired pensioners!

Financially we are sound and if the house was in our names then I would easily get the money at the lowest rate.

So do I have any options that anyone can advise on?

Many thanks

AnotherJoe

Buy the house first. Anything else is barking.

glosoli

One issue with being added onto the title of your parents house is that generally if you are named on the title, you have to be named on the mortgage, and if they are already retired I would imagine the maximum term available would be short, and many lenders do not accept more than two applicants per application. £80,000 is also a bit on the high side for unsecured debt.

Just one observation though - you do not own the property, it is unusual for someone to do such improvements on a property they dont own. Who is to say you could obtain this debt and in the future be in a position where you need to leave that property, leaving you in an a awkward situation?