Help: Mortgage Options & Advice

JohnSJames

Some while ago my grandparents took out a Hodge Lifetime flexible mortgage whereby interest of 6% was added daily on the sum. Since then they split the tenancy 50/50 to become tenants in common and my my grandfather left me his share when he died. My gran is going to be moving into care and wants me to move in when she leaves and she'd be happy to transfer/gift her share to me. The interest per year is currently less than the rent I pay. What options would I have regarding getting a mortgage to pay off the money. I'm sure my dad would act as a guarantor if needed but I don't have a deposit. Could the money I'd be due if the house was sold be used in some way? Could I remortgage it?

I'd be really happy for any advice as I don't want to sell the property


Thanks

ACG

She may struggle to gift her share to you if she is relying on the state to pay for her care.

I think a lot will also come down to when they split the house to 50/50.

I think you probably need to sit down with a solicitor to understand the implications of paying for her care and the equity in the property.

JohnSJames

Thanks for your reply. The tenancy was split in 2010 and the council have accepted this in regards to care home fees. If the property was sold after fees etc she'd only get around £15k