Unemcumbered Mortgage/Loan with a difference

SteveKendo

Hi,


Myself, Partner and partners mother are in the process of buying a house together. To facilitate this we are selling our current properties. Partner's mother is mortgage free, myself and partner have a current mortgage. We have enough capital after the sales to purchase the new house outright and pay our existing mortgage off. However, we intend to extent the property and carry out renovations and will need to fund this with a mortgage/loan etc.


We all want to be on the title deeds. Now the question is are there lenders who will transact a large loan (£120k+) knowing that there are three people on the deeds (instead of the traditional two)?


Many thanks

obay

I believe you can have three on the mortgage now (could be wrong).

But you can outright purchase your property, you wouldn't need a mortgage? It'll be in the solicitor's hands, and it should be fine.

SteveKendo

Thanks Obay, we can afford to purchase but not to pay for the planned extension.

kingstreet

Yes. Three borrower mortgages and proprietors is acceptable to some lenders.

Careful of age/term issues though if there's a mother involved.