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Extending mum's home to live with her.

My mum currently owns her own home, mortgage free. I own my own home, some mortgage left. I am an only child.
Due to her health needs, I may need to move in with her. Can I get a mortgage to extend her property, enabling me to move in to care for her, rent out my property? I would then own part of her property and live there. What would happen if she was then to need residential care? 

Comments

  • elsien
    elsien Forumite Posts: 31,115
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    edited 17 August at 3:45PM
    If she needs residential care, then you could (in the longer term) move back to your own property?
    if you want to stay there, the property would be disregarded for care home means testing if you were over 60 or disabled and living there. Otherwise you might need to look at ways in which you can release Mum’s share of the property for example selling your other property in buying her out. Presuming that she has no other assets which would cover the fees in a different way.

    https://www.ageuk.org.uk/globalassets/age-ni/documents/factsheets/fs38_property_and_paying_for_residential_care_fcs.pdf

    if you’re taking out a mortgage on your own property to release funds, then I think you might need a buy to let. If the mortgage will be on Mum’s property then  she will need to take it out in her own name.
    You’d have to look at some sort of deed or mechanism for allocating who owns what percentage of the extended house. 

    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Stubod
    Stubod Forumite Posts: 2,003
    Part of the Furniture 1,000 Posts Name Dropper
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    edited 17 August at 1:41PM
    ...have you looked into becoming a landlord, and do you fully understand the implications and pitfalls of renting out a property?....
    .."It's everybody's fault but mine...."
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