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Can I remortgage my flat with my mother who's 67?

Posted on 18 July 2013 by Alice


Can I remortgage my flat for £263k, in joint names with my mother who is 67? The flat value is c.£340k. I'm 36 & earn £38k pa - my mother is retired and receives just over £1400pcm from pensions & has £15k in card credit. I would have no debt after the remortgage. My current mortgage is with Natwest.

Alice,

This is quite a complex case with a number of important points that you will need to consider. Starting with your joint income which is £54,800, it looks like you are looking to borrow nearly 4.8 times your income which is fairly high income multiple. It also looks like you have some debts in the back ground and your mum has also £15,000 in credit card debt which will stretch the affordability further.

There are further considerations with your mum’s age and the ability for her to maintain a mortgage on her own if something happen with you. It is not clear if she is residing with you, hence, if she lives in another property, you will need to budget for expenses and utilities on maintaining two homes.
Finally but not lastly, there is no information about how much this property is worth and if there are any further assets and liabilities in the background.

As there are few layers to your situation and a lot of deterrents for normal high street lenders, I would recommend that you obtain full advice and guidance by speaking to one of our consultants who should be able to offer  a personalised solution. Let me know if you'd like to discuss your enquiry in more detail and I'll arrange for one of them to contact you.

Regards,


Simon

simon.collins@johncharcol.co.uk

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