Remortgage help?

MelC93

Hello, I'm 28 currently living in my mums house. Theres no Mortgage on it (hasn't been for 10+ years) & were both named on the deeds. My mum no longer lives in the house & me and my partner need to do it up. I don't mean a little bit of paint I mean, rewiring, extensions, new kitchen bathrooms etc, it's not very safe. Where do I start? please help. Do I remortgage or equity release? Or another way? any help would be appreciated, Thank you. 

another_casualty

The debt free wannabe board is probably the best place to post this .
It all comes down to funds and affordability . Remortgaging is very rarely a good idea, plus it sounds like your names are not on the property from what you have said .

On the urgency of getting everything done , it all sounds expensive . Maybe pay for bits at a time through small loans instead . Equity release is not going to be allowed to you , but maybe your parents . It's best not to go into debt when the home is mortgage free.

my Advice ; head over to the debt free wannabe board , fill in a statement of affairs of you and your partners in and outgoings etc and let the good folk there guide you ..

Belenus

MelC93 said:

Hello, I'm 28 currently living in my mums house. Theres no Mortgage on it (hasn't been for 10+ years) & were both named on the deeds. My mum no longer lives in the house & me and my partner need to do it up. I don't mean a little bit of paint I mean, rewiring, extensions, new kitchen bathrooms etc, it's not very safe. Where do I start? please help. Do I remortgage or equity release? Or another way? any help would be appreciated, Thank you. 

Equity release is a definite no.

Only your mother could possibly get it as at 28 you are many decades too young and most equity release mortgages require the repayment of the money once the mortgagee either dies or has to move into care.

onomatopoeia99

A mortgage is a loan secured on property so if there are no charges on the property you could potentially get a mortgage.  It may be complicated by having one of the owners non-resident and they'd obviously have to agree to any loan.  And then you get to who would be repaying, and if it's only one of the owners, then should your respective shares of the property (if tenants in common rather than joint) change in the light of the money and time you'll be spending?

You're way too young for a lifetime mortgage / equity release.

Mortgage rates are generally more favorable than unsecured loan rates, as well as offering much long potential repayment terms, and if you're talking about building multiple extensions(!) you'll need more than it is possible to borrow unsecured.

rob7475

Is your mum wanting to remain on the title deeds or is she happy to hand the house to you? If she's letting you take ownership, Iook at changing the name on the deeds before going any further. Think carefully though as if she hands thr house to you, she's potentially giving half to your partner too. I know we all like to think we're in it for the long haul but it's something to bear in mind.

As for mortgaging. Speak to a broker, they'll search the market for you and find you a good deal on a mortgage / secured loan (both are the same thing in reality). If you're wanting to improve the house, releasing some of the value is the usual and cheapest way to do it if you don't have savings.

FaceHead

As above, to get a mortgage, it would need to be a joint loan - you and your mum borrowing from the bank. Entirely possible.

How much are you planning on borrowing/spending? An unsecured loan of £20k, plus any savings you have, and your disposable income (probably decent if you own the property you live in outright?) should surely make a dent in the work you plan to do. 0% credit cards are also an option, if you have means to re-pay them at the end of the 0% period. 

Sncjw

Why is it suddenly not safe after living in for years?

Can you not do sections at a time.