Mortgage Newbie

Maisiemoo2001

I (32 yr old) jointly own a home with my grandmother. We own half each, outright and the property is valued at 275-250k. I am getting married in May 2018 and at that point my other half will move in and we need more space. We have just applied for planning permission and all being well works to extend the home will begin in Sept 2017. To fund this, my fiancè and I need to get a mortgage of 100k.
I am starting a new job next week earning 30k and he is starting teacher training next year with on the job training and been awarded a 30k scholarship (minus 9k tuition fees).
How to we go about getting a mortgage together and what do we need to look for? We are clueless!

ACG

There are a few ways to do this and it will depend on a number of things.
Will your grandmother and/or partner want to be on the deeds of the property? - you can do it with solely your income, so one, none or both of them could be on the deeds but it will depend on their preferences.

If your grandmother wants to be on the deeds, then it will reduce some lenders because of her age. If your grandmother doesnt want to be on the deeds but she will remain there, then it will reduce other lenders as it could be seen as a gift with strings attached.

It would be well worth sitting down with a broker to discuss in detail your options with pros and cons of each.