Can we borrow for home improvement?

Posted on 2 April 2013 by Janine

Hi, Myself and my partner are living with his mother (69 yrs old). We would like to make this a permanent arrangement and are all in agreement. She currently owns the house with another son who no longer lives here. There is an outstanding £34K left on the mortgage. The property has a current value of around £350K. Our intention is to pay off the outstanding mortgage to make it easier to become joint tenants, and to remove her other sons name from the deeds. We have the funds to do this. However, we will be embarking on a schedule of works on the property in about a years time and will need to borrow roughly the same amount (£35K) to do this. My partner is likely to be the only wage earner at that time. My question therefore is, is it possible to take out a mortgage of 35K on a £350K house with no other loans secured against it, when there are three joint tenants and one wage earner? (approx £18k p.a.). Many thanks for your help with this matter.


As this will taking place after the other son has been removed from the deeds, and is to improve the property, I can't see any problems in you being able to borrow the money you need to carry put the works. We maybe slightly restricted in choice of lender because of the age of your partners mother, but as we don't need her income it's not an insurmountable problem. 

Once you're a little nearer the time, if you'd like to talk to one of our consultants to what options are open to you, then please let me know and I'll arrange for one of them to contact you.



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