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Remortgaging??

  • 06-07-2021 9:19am
    #1
    goldjogger
    Registered Users Posts: 57 ✭✭


    Hello,

    Looking for insight or advice on our situation.

    We are unable to get a mortgage, family of 5, 1 income.

    My parents have offered for us to move into their house and we build them a granny flat.

    We are seeking legal guidance on should the house be signed over to us now or passed on in a will.

    Bank and credit union could give us a loan upto 60000e for the work that needs to be done. With the rise in building it's looking that it will be close to 90000e which puts us out of getting a loan.

    If my parents were to sign the house to us would we then be able to remortgage the house for 90000? Is that even a thing?

    Or is there a way my parents could still own the house and they remortgage it and we do the repayments of it?

    Any insight or suggestions on what we could potentially do would be great,

    Thank you.


Comments

  • #2
    niallers1
    Registered Users, Registered Users 2 Posts: 799 ✭✭✭niallers1


    Your parents shouldn't sign over anything to you.
    If for some reason you cannot make the repayments on the remortgage then your parents could be made homeless.

    you think it can't or won't happen but it can happen. Especially with one income - If you get sick and can't work then that could be 7 people made homeless.

    You don't say the make up of the 5 people but assuming it's 2 parents and 3 children, could the other parent get paid employment and get help minding the children from the grandparents.


  • #3
    JCN12
    Registered Users Posts: 170 ✭✭JCN12


    Sounds like a great opportunity being given to you by you're parents OP.

    I would second much of the above regarding remortgaging.

    Obviously we don't know the particulars of your finances or the house. However, is it possible to move in to the house with your parents and save a good lump of the money needed to build the Granny flat? Do you have equity tied up in a new car, or being held back by car payments that you sell and replace with an older vehicle etc. to start saving?



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