transfer of equity - advice needed please

jaylee_3

Afternoon all,
Advice greatly needed please. My parents ( 69 and 71 both retired) are hoping to borrow money on their house for home improvements. The amount they were offered was very meagre in comparison to what they originally wante to borrow ( my fathers age being over 70 had something to do with this), because of this we wanted to put myself and my sisters name to the mortgage instead.My father will still be paying the monthly pyments but it would be in our name so that they could borrow more , as we have age and the fact that we are both working in common. The building society said this should be ok and sent the above form, however one of the exisiting borrowers must stay on the mortgage, so either my mum or dad would have to come off or only myself or my sister could go on it, My father is not keen to do it if he or my mother has to come off, he is worried about long term implications, i am not sure what to do because I dont really understand this form and what long term implications it has for us? I dont want my parents to end up worse off( if thats possible).
We dont plan on staying the property, my parents would live there as normal and do up the house then sell it and move back home abroad.
Is there someone who could explain this form to me and what it would mean if we proceeded with the above.
Please forgive my ignorance if I seem a bit muddled but I am not clued up on any of this at all!!