How do I raise finance to extend a house

My mother owns a house with no mortgage. She has asked me to move in with her (she is getting old). I need to raise finance to extend the house. (100k) how do I go about doing this? My mum won't be able to get a mortgage at her age now so I want to take on the responsibility. Thanks in advance for your help. :)

Replies

  • amnblogamnblog Forumite
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    Your mum's age should not be an issue if you can afford the mortgage on your own - subject to usual underwriting.


    A case for a mortgage broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lr1277lr1277 Forumite
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    amnblog wrote: »
    Your mum's age should not be an issue if you can afford the mortgage on your own - subject to usual underwriting.


    A case for a mortgage broker.

    You may know more than me, but doesn't someone have title to a house to raise a mortgage against it?


    OP: the following article (which I haven't read fully) suggests you can raise a personal loan to extend a house:
    http://www.thisismoney.co.uk/money/mortgageshome/article-2673253/Cant-house-extension-mortgage-Try-personal-loan.html
  • amnblogamnblog Forumite
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    What's to stop the tile changing?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lr1277lr1277 Forumite
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    amnblog wrote: »
    What's to stop the tile changing?
    Nothing at all.


    But aren't there issues to think about like:
    IHT
    If the OP's mother is going to need care and who is going to pay for it? The OP's mother or the council.
    CGT
    If the OP will be in a divorce situation, in which case the 'future ex' gets a share of the house.
  • amnblogamnblog Forumite
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    Yes there are.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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