Taking over parents mortgage?

UK007BullDog

The house needs to be insured ASAP.

Your parents and the child in question need to go to a broker and get this sorted ASAP. Best is to also get a credit report for every one who will be involved in this new mortgage.

Equity release mortgage might also be an idea.

What kind of property is it?

stoptheclocks

The house is a former council house. 3 bedrooms, in a central area. The area doesnt have any flood risks. There has already been an equity release on the property but there is more equity available. I don't want them to release more equity or to sell the the house. It's in a prefect location for them. I would like to get the house insured and get a better interest rate.

Trying_to_be_good

Stoptheclocks

The current lender wouldn't allow the mortgage unless there was buildings insurance for the property. Do you mean there isn't buildings insurance, or is it contents insurance for the house or perhaps life insurance your parents don't have?

You need to give details of the equity release if people are going to help you - give ALL the facts about the property, existing loans, income and credit history of anyone wanting to take on the mortgage.