mortgage on Owned Propert- House improvements

TheEffects

Hi


I wanted to find out if it is possible to take out a mortgage on an already owned outright property, for home improvements - extension




The property is owned by my parents whom are retired. No income with title deeds in their name


Can I add them to the mortgage application?


Would the title deeds need to be changed before application to include myself in this?


How would I go about this application?






Thanks

ViolaLass

You can't take out a mortgage on a property you don't own.

If you own with them, their ages will affect the length of loan you will be offered.

TheEffects

Hi ViolaLass

yes this is it.

I am in the midst of getting a affordability check & aware of the lenders age limits.

Please explain the process.

Would I need to conduct a transfer of equity first to input name.

Is it cheaper to use own solicitor sourced or pay Lenders solicitor whom will do there lenders conveyancy.


Regards

foxy-stoat

Yes, your parents will need to make a transfer for equity - they would need to take legal advice and can only hope they are advised not to do it.

Let_Us_See

Apart from wishing to release equity for home improvements, is there any other reason or advantage for adding you to title deeds?
Do you have your own home and mortgage?