Mortgage options for complicated situation.

Jhiggins38

Keeping it as simple as I can, my wife an I live in what was her grandparents house (passed away some years ago) which is still registered as being in her grandparents estate.  

Her parents own their own house, both retired and over 75, are in need of a significant cash boost, obvious solution is for us to buy the house we’re in, but we don’t have a deposit to do so, nor the income to support a mortgage for the full cost of the house.  We have looked into remortgaging what we could afford of the house value, which as far as I can tell is an option.  This option would also involve paper work to state who owns what, inheritance tax, and a share being given to my wife’s uncle all resulting in less for her parents.

Another option would be to move out which her parents are happy to support us with but, again we don’t have a deposit.  We could take a chunk of the house sale from where we are, which again takes money from her parents.  Other thoughts we’ve had include my wife being registered on her parents house so we can remortgage a portion of that property to raise enough to cash buy else where. 

 Are guarantor mortgages still a thing, doesn’t seem to be many options.
Any thoughts / advice would be great. 

Jhiggins38

The other part is we would like to use the mortgage to consolidate debts to maximise what on a monthly basis we spend.  

MWT

If her parents own their own house,  are over 75 and need cash, surely equity release for them would be something worth considering?

Certainly less complex than the proposals you have there involving an as yet unsettled estate from the sound of things...

Jhiggins38

MWT said:

If her parents own their own house,  are over 75 and need cash, surely equity release for them would be something worth considering?

Certainly less complex than the proposals you have there involving an as yet unsettled estate from the sound of things...

In theory yes, but that impacts on inheritance, which won’t go down well with their son, who is also part of a problem.  

Thrugelmir

Jhiggins38 said:

Keeping it as simple as I can, my wife an I live in what was her grandparents house (passed away some years ago) which is still registered as being in her grandparents estate.  

Why hasn't the estate been wound up? 

MWT

Jhiggins38 said:

In theory yes, but that impacts on inheritance, which won’t go down well with their son, who is also part of a problem.  

With respect it feels like you are reaching for complex solutions instead of dealing with the problems head-on.

I appreciate that much of this may be outside your direct control, but the real solutions will probably only be found by solving the real problems, including the reasons for the estate not being properly wound-up which feels odd given the length of time you say has elapsed...