Sorry new to this, so your help would be greatly appreciated.
My mother (73) is becoming more and more housebound, and she is looking to move in with me and my family.
We currently live in rented (private) accommodation, and my mum wants to give us some money to towards getting a mortgage for the property and to have it converted to her needs.
She currently has a house worth around £280,000 with an outstanding mortgage of around £18,000.
She wants to give us £100,000 out of what value there is in her house towards a 20% deposit on the property we live in and the rest for the works to be done to accommodate her needs.
We wanted to release the money, so that we could purchase the house then have the work done, and in around 12 months, my mother to move in and sell her property.
We talked about the equity release scheme, but there seems to be a problem with that as these schemes are designed for lifetime loaning, and I am not sure but hear there are very hefty Early Repayment Charges.
As my mum is a pensioner now, I am pretty sure the bank will not extend her mortgage for the 12 months or so needed.
Does anyone have any advice onthe best way to proceed.
Thank You In Advance.
My mother (73) is becoming more and more housebound, and she is looking to move in with me and my family.
We currently live in rented (private) accommodation, and my mum wants to give us some money to towards getting a mortgage for the property and to have it converted to her needs.
She currently has a house worth around £280,000 with an outstanding mortgage of around £18,000.
She wants to give us £100,000 out of what value there is in her house towards a 20% deposit on the property we live in and the rest for the works to be done to accommodate her needs.
We wanted to release the money, so that we could purchase the house then have the work done, and in around 12 months, my mother to move in and sell her property.
We talked about the equity release scheme, but there seems to be a problem with that as these schemes are designed for lifetime loaning, and I am not sure but hear there are very hefty Early Repayment Charges.
As my mum is a pensioner now, I am pretty sure the bank will not extend her mortgage for the 12 months or so needed.
Does anyone have any advice onthe best way to proceed.
Thank You In Advance.