Joint Proprietor Sole Borrower mortgage?

EverAfter

Hi all,
Does anyone know of a lender that will do a joint proprietor, sole borrower mortgage?

8 years ago, my husband and I bought a property 50/50 with my mum and she lives with us in an attached self contained annexe. We're all on the deeds and the current mortgage has us all named, even though my mum doesn't contribute anything to the mortgage as she bought her 50% share outright. She turns 70 this year and the remaining term on the mortgage is 4 years 7 months. We'd like to remortgage to extend the term of the mortgage but to do this, we need to remove her from it, without removing her from the deeds.

Any suggestions? Thanks in advance!

kingstreet

HSBC only.

EverAfter

Thanks - nothing on their website but will give them a call on Monday!

Thrugelmir

EverAfter wrote: »

even though my mum doesn't contribute anything to the mortgage as she bought her 50% share outright.

The property is one title deed. As far as the lender is concerned. How you divide the asset between yourselves is of no relevance.

kingstreet

EverAfter wrote: »

Thanks - nothing on their website but will give them a call on Monday!

HSBC is the only lender with the required A2 charge.

More here;-

https://forums.moneysavingexpert.com/discussion/5763258/can-i-go-on-the-deeds-but-not-on-the-mortgage

getmore4less

Has your current lender refused to extend the existing term?

EverAfter

getmore4less wrote: »

Has your current lender refused to extend the existing term?

No, we haven't asked, but ideally we'd like a ~30 year mortgage to allow us to increase the mortgage amount (I'll probably post another thread for people's thoughts on what we do with that money!) and given she's 70 this year, I'm assuming they won't allow a 100 year old to have a mortgage! They may well agree to extend it for more than the existing 4 year term, but it would be nice to know what our range of options are.