Posted on 12 June 2012 by karen
Can my son take out a morgage for a self build but the title be in mothers name, the mother owns the land?
Any mortgage arranged on your land will have to include you as the owner. It may be possible to arrange a mortgage in joint names with your son or in your sole name with him acting as guarantor for the mortgage payments and debt.
As you are looking for a self build mortgage Lenders are going to want to know who will be living in the property once it is complete and the answer to this will determine whether or not they are willing to lend and in whose names the mortgage will be. If the title is going to remain in your name, but your son or another person is going to live there then you may find that the terms you are offered are more akin to development finance rather than self build finance.
I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right solution for your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.