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Mortgage on house I inherited?

(19 Posts)
MissPollyPops Thu 04-May-17 22:15:27

So when my mum died, me and my sister inherited her house. When dealing with her estate, we mentioned to the lawyer that we might think about 'remortgaging' it (I'm not even sure that's the correct term), to get some money to do work to the house. The lawyer said we couldn't get a mortgage on it, but I can't remember what the reason was, so it couldn't have made much sense to me at the time...
Does anyone know why we wouldn't be able to take a mortgage out for a part of the value of the house? If that even makes sense...

topcat2014 Thu 04-May-17 22:20:47

Was he perhaps thinking that you couldn't get a mortgage until the estate had been settled etc?

Or perhaps is it a type of property that is unmortgagable? They exist, unfortunately, where they are not conventional structure.

MissPollyPops Thu 04-May-17 23:11:53

No, its definitely mortgagable as my mum had a mortgage on it..

Movingin2017 Sat 06-May-17 07:30:14

I suspect he means you can't mortgage it while the house is still in your mum's name. If it is transferred to you and your sister instead of being sold you can jointly remortgage then and sell.

sooperdooper Sat 06-May-17 07:34:26

Is the house in your name and the estate settled, and was the house owned outright by your mum?

If so I can't see why you wouldn't be able to do what you want to, you'll need to get a valuation if it's not been done already

Batteriesallgone Sat 06-May-17 07:37:06

Phone up a mortgage broker who does free appointments. Quickest easier way to find out.

I know it can sometimes be a bit more difficult to remortgage a home that you aren't living in, are the works essential to renting it out or selling it? If there's no income from it and it's empty I can imagine you might need a bit of a specialist mortgage.

Speak to a broker. They'll know.

Batteriesallgone Sat 06-May-17 07:39:33

Also has it gone to you as tenants in common rather than joint tenants? Again, might be a little sticking point with mortgages. Before any jumps on me I know you can get a mortgage as a tenant in common! Just my point is multiple owners through tenant in common + empty + needing essential work = not very desirable mortgage prospect.

Berthatydfil Sat 06-May-17 07:39:37

Is your mums mortgage paid off?
If it isn't it will need to be paid before the estate is settled, that may mean the house will have to be sold.
Or he may mean that if you and your sister pay the mortgage payments then you won't need to sell but you won't be able to get another mortgage until it's paid off.

MissPollyPops Sat 06-May-17 07:44:18

The mortgage is paid off and the house is now mine and my sisters.
Yeah the work needs done before it's liveable.
I have no idea about tenants in common etc. That's never been mentioned. I'm in Scotland, if that makes a difference..

peukpokicuzo Sat 06-May-17 07:45:03

Some houses are effectively unmortgagable. You see them advertised every so often with the words "cash buyer only". It would be because something about the house makes it tricky to sell such as a history of subsidence, flooding or Japanese knotweed.

Batteriesallgone Sat 06-May-17 07:56:01

Get clarity on the ownership as a first step. If it's not liveable you will find it harder to get a mortgage.

hilbil21 Sat 06-May-17 08:04:46

I'm in scotland. I inherited my mum's house with no mortgage on it. We have taken a mortgage of 25000 out and the house value is 175000. It was so easy to do with TSB. We did have to make sure our name was on the deeds but did that through a lawyer. Again very simple.

sooperdooper Sat 06-May-17 09:34:35

If the issue is that nobody is living in it could you move in while the work is done?

MissPollyPops Sat 06-May-17 09:42:22

No because we took the kitchen out to put a new one in then discovered that there's dry rot.. ☹

dotdotdotmustdash Sat 06-May-17 09:45:09

I believe that houses without kitchens are unmortgageable.

sooperdooper Sat 06-May-17 13:59:49

Would you be better just selling it rather that the cost of fixing dry rot? (Is that even fixable? sad )

MissPollyPops Sat 06-May-17 18:41:00

Apparently it is fixable but I'm not sure it would sell with it still...

Allthebestnamesareused Sun 07-May-17 17:43:25

I think to grant mortgages house has to have a working kitchen and bathroom. Check what the requirements are because it may be something as simple as having a working sink put back in.

MrsBertBibby Mon 08-May-17 07:20:03

Why not just see a mortgage broker?

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