Can I get a mortgage on mum's property?

myif

Hi all, a slightly complicated situation but I'll try to explain as clearly as possible!
 
Top line question: is it possible for me to get a mortgage on my mum's house?
She owns it outright. Her dog may have been paralysed and if so it's not clear she'll be able to look after it. I'm happy to take the dog and care for her as she's part of the family and we all love her dearly. But I'm already stressed with debts and workload. I have been focused on growing my business to clear the debt, get more stability and gradually outsource various tasks.

Mum/house details: 

1. It was valued at c.£400k last summer (house not mum)
2. She owns the house outright
3. She is 73
4. She has no current health problems (touch wood) beyond a longstanding bad back (which affects her being able to look after the dog). But generally she's a very fit 73 year old.
5. Mum is quite happy here but has been toying, on and off, with the idea of moving to a town nearby. My brother and his kids live very close but it's possible he'll move in the next 2-3 years and if he does mum might want to move as well. 

Reason to raise cash against house:

1. The time taken in looking after the dog will slow down me paying off debts as I just won't have time to do that and grow my business fast. If I can pay off my debts, this would give me some freedom to grow more slowly, with a more sustainable workload.  
2. Looking after a paraplegic dog involves extra costs, at least in the short term. 
3. My mum has already been considering equity release as she's short on cash herself and her pension is pretty small. Having grown up in poverty, money is a constant worry for her. I would guess she's been looking at standard equity release, but I am instinctively averse to these so wondering if there's a better option. My plan had been to start giving her a monthly sum once I'd paid off debts.

Supplementary questions:

1. Would I have to shift the property into my name (or mine and my brother's) to do so? We are very open and fair about any discussions on inheritance etc. (i.e. neither of us expect one, but if there is one we want it to be fair and equitable).
2. My mum will continue to live in the house. Does this negate any potential inheritance tax advantages? 
3. Are there extra considerations to be planned for if mum needs care in the future? 

Details of my situation that may well affect this! 

1. I am in the process of moving to France. I spent 90 days there at the beginning of the year (limit of the stay for Schengen area) so I'm now back in the UK and waiting on an Irish passport (delayed as the office has been closed since December). But my partner lives in France already and I'll be joining him there. He has residency. It's his place, and his sister has an interest in the property too (a complicated inheritance agreement) so I will have no part in that property beyond living there and basic maintenance / bills. My registered address in the UK is my mum's place at the moment.
2. I have some debt, which has been creating a vicious cycle. I massively underestimated a tax bill this time two years ago. I already had some credit card debt but I took out a loan and did money transfers from the credit cards to help cover it. I've been in a bit of a tussle between paying off the cards and saving tax since then. I have a far better handle on my finances now, and the business is growing so I'm trying to 'work my way out of it' as fast as possible. 
3. I am building my own company. I've worked as a freelancer for a long while but am now scaling what I do into a business, with multiple revenue streams and scalable product lines (rather than solely exchanging time for money). I'm booked in for a consultation with a tax accountant to discuss how my UK Ltd Co needs to change (or whether I need to set up in France entirely) as part of that move. My income over the past few years has been fairly stable and growing and I am currently fully located in the UK for tax. I will have c. 6 months once I've moved to France to register as a tax resident there.

To be honest, my brain was already hurting with the complications of moving to France and building a business! Now with the sadness around the poor dog it's even more complex. Any advice or pointers would be very much appreciated. I'm happy to try to move mountains if it helps mum and means doggo is given a happy life too. 

GeordieGeorge

No, you can’t secure borrowing against someone else’s house.

myif

GeordieGeorge said:

No, you can’t secure borrowing against someone else’s house.

So we'd need to look at an option where me and/or my brother become the owners?

GeordieGeorge

myif said:

GeordieGeorge said:

No, you can’t secure borrowing against someone else’s house.

So we'd need to look at an option where me and/or my brother become the owners?

Yes, which we’d normally describe as you buying her house off her.

Thrugelmir

Once you become a French resident then your mortgage options in the UK will diminish considerably.