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  • FIRST POST
    • Newbiejono
    • By Newbiejono 10th Oct 17, 4:56 PM
    • 7Posts
    • 0Thanks
    Newbiejono
    House Swop
    • #1
    • 10th Oct 17, 4:56 PM
    House Swop 10th Oct 17 at 4:56 PM
    My other is 67 and owned her house.

    I am 32 and currently have a mortgage with 50,000 owing approx.

    I thought it would be easy to swap somehow, however I can't seem to find out how this can be done, or even If I t can be.
Page 1
    • marliepanda
    • By marliepanda 10th Oct 17, 5:02 PM
    • 4,723 Posts
    • 9,512 Thanks
    marliepanda
    • #2
    • 10th Oct 17, 5:02 PM
    • #2
    • 10th Oct 17, 5:02 PM
    My other is 67 and owned her house.

    I am 32 and currently have a mortgage with 50,000 owing approx.

    I thought it would be easy to swap somehow, however I can't seem to find out how this can be done, or even If I t can be.
    Originally posted by Newbiejono
    Your Mother, I'm guessing.

    If you both owned your houses outright, it would be easy to swap, but you don't.

    What are your plans for the 50k outstanding? That needs to be paid off, somehow, either by transferring it to the new house and having a 50k mortgage on that one, or by paying it off.
    Survey Earnings 2017 - £163
    • Newbiejono
    • By Newbiejono 10th Oct 17, 5:23 PM
    • 7 Posts
    • 0 Thanks
    Newbiejono
    • #3
    • 10th Oct 17, 5:23 PM
    • #3
    • 10th Oct 17, 5:23 PM
    I would transfer it to my mother house
    • saajan_12
    • By saajan_12 10th Oct 17, 5:24 PM
    • 836 Posts
    • 547 Thanks
    saajan_12
    • #4
    • 10th Oct 17, 5:24 PM
    • #4
    • 10th Oct 17, 5:24 PM
    3 options:
    1. Pay off 50k mortgage and then transfer houses to eachother using a solicitor

    2. You raise a 50k mortgage on mother's property when you 'buy' it for 50k. Use the money to pay off your current mortgage and transfer your house (now owned outright) to mother.

    3. Mother gets a 50k mortgage on your current property which pays off your mortgage when you sell it to her. This is unlikely given mother's age, but may apply if 'other' really means 'other half' or something.
    • Newbiejono
    • By Newbiejono 10th Oct 17, 5:32 PM
    • 7 Posts
    • 0 Thanks
    Newbiejono
    • #5
    • 10th Oct 17, 5:32 PM
    • #5
    • 10th Oct 17, 5:32 PM
    sorry I am confused. my mother has not money. I have no way of rating £50,000 to pay off my mortgage
    • Cheeky_Monkey
    • By Cheeky_Monkey 10th Oct 17, 6:09 PM
    • 1,343 Posts
    • 2,600 Thanks
    Cheeky_Monkey
    • #6
    • 10th Oct 17, 6:09 PM
    • #6
    • 10th Oct 17, 6:09 PM
    According to your other thread, your mother does not own her house outright as your father took out a £30,000 equity release which is still owing.

    You say in this thread that she has no money but in the other one, she has the option of a £40,000 lump sum from your father's pension?
    I used to be indecisive - now I'm not so sure
    • G_M
    • By G_M 10th Oct 17, 6:16 PM
    • 41,425 Posts
    • 47,784 Thanks
    G_M
    • #7
    • 10th Oct 17, 6:16 PM
    • #7
    • 10th Oct 17, 6:16 PM
    Hmmm

    To get helpful advice we would need to know full details of the financial situation, employmets, income and ages of all those involved, as well as full details of each property (values, mortgage etc).
    • xylophone
    • By xylophone 10th Oct 17, 7:05 PM
    • 23,107 Posts
    • 13,390 Thanks
    xylophone
    • #8
    • 10th Oct 17, 7:05 PM
    • #8
    • 10th Oct 17, 7:05 PM
    http://forums.moneysavingexpert.com/showthread.php?t=5724313

    Posts 4 and 7.

    The OP's late father was a BCSSS pensioner - under the rules of the scheme, his widow can opt to take her widow's pension as a small GMP of £50 a month and a tax free death benefit lump sum of £40,000.

    The proposal is that she uses £30,000 to repay an equity release loan taken out by her late husband and an additional £7,000 to repay credit card debt.

    This would leave her with a house owned outright, savings of £3000 and total pension income of under £10,000 per annum.

    She is also the guardian of a child who is in receipt of DLA and for whom she receives Child Benefit and Child tax credits.

    Presumably (subject to values), the OP could buy his mother's house and she could buy his?
    Last edited by xylophone; 10-10-2017 at 7:07 PM.
    • Red-Squirrel
    • By Red-Squirrel 10th Oct 17, 9:59 PM
    • 1,736 Posts
    • 4,681 Thanks
    Red-Squirrel
    • #9
    • 10th Oct 17, 9:59 PM
    • #9
    • 10th Oct 17, 9:59 PM
    I have no way of rating £50,000 to pay off my mortgage
    Originally posted by Newbiejono
    Sounds like you'll have to either stay there and keep paying it or sell it then.

    I don't think there are any ways to just make a £50,000 mortgage disappear...
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