Remortgage with family member

I think you need to get some sound legal advise as to your options. It would appear to be a potential minefield and you could lay yourself open for all sorts of problems with tax, inheritance and even if (Heaven forbid) you and son fell out in the future (not unheard of). Be prepared to pay a little (you can phone them up with a hypothetical question and ask for an estimate for the costs - I did that for an inheritance query and did not actually cost me anything) to a good solicitor who will give you sound advise that will help secure your future. Its what I would do.

See a solicitor before deciding anything.

A simple question. Why do you need to remortgage your bungalow? There may be other solutions - equity release for example.

If the mortgage is based on your DS's income then he will certainly have to be registered as one of the owners of the bungalow.

However beware. Putting his name on the mortgage and house ownership could end up with you homeless. He could force you to sell because he wants his share of the house or the house might have to be sold it if he became bankrupt so that his share of it could be used to pay his creditors. Do not say this could never happen, because that is what so many older parents relied on when they ended up homeless

Read the current thread eviction by daughter to get a feeling for the kind of mess you could end up in.

Do nothing, decide nothing, until you have spoken to both a specialist property solicitor and a financial advisor (on your own without your son present).

As above get legal advice. When my mum was thinking of something similar - naming her children as part owners her home. The solicitor said never !! As he had seen it go wrong with close knit families when characters changed and divorce happened.

As others have said- seek legal advice. I thought that the first half an hour was free?

You are entering into a minefield.

The first half hour being free is a myth.
Some solicitors do this but they are under no obligation to do so.

I echo M0nica’s post.Get legal advice and read the thread evicted by my daughter.

You would have to start the process from scratch as you cannot add him to your mortgage.

look at the new equity release where you can pay the interest on the loan monthly that way you'll never owe more than you borrowed.When'if you decide to sell you can pay back the loan from the sale

You’re walking into a minefield here there are a great many things that could go wrong you must speak to a good solicitor but first you should decide why you want to remortgage. I dont like equity release so depending on your age and needs it may be better to downsize and use any spare cash for other things.

There are so many pitfalls here! Definitely take legal advice, and not from the company recommended by the mortgage or equity release company. Ask around for recommendations, have a brief chat with the solicitor on the phone then choose someone you feel comfortable with to talk through the problem. There are lots of solutions, and the starting point is why you want to remortgage in the first place