Can I raise a mortgage on my mother's property?

Posted on 1 October 2012 by Ryan


My mother owns the house im currently living in. Is it possible for me to get a mortgage on 50 - 75% of it there in freeing some money for her??

Ryan

Unless you are the owner of the property you will not be able to use it as security for a mortgage.

Your mother can either sell the property to you, so that you can raise a mortgage to pay her for it or she can apply for a Buy to Let mortgage to raise the funds herself.  She will not qualify for a Lifetime/Equity Release mortgage as it is not her main residence.  There will be a restricted number of lenders who will consider a property let to a family member, but I believe we can help her and that she would benefit from speaking to one of our independent mortgage advisers.  Please ask her to call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you both find a solution.

Peter

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