We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Or Remortgage
bolek2000uk
Posts: 5 Forumite
My father has agreed to sell me a property for a decent price,i am unsure whether it is better for me to get a straight mortgage or get the deeds into my name and remortgage the house against the value of it.
0
Comments
-
You would not be able to re-mortgage the house.
The rates are better for puchase than re-mortgage at the moment anyway.0 -
You would not be able to re-mortgage the house.
The rates are better for puchase than re-mortgage at the moment anyway.
That is incorrect, of course he would be able to re-mortgage the house if it was transfered into his name. Plus rates are not everything. Purchase means paying legal and valuation fees. Remortgages generally have these paid for and most lenders rates are the same for both anyway.
The decision here shouldnt be based on what works out cheaper mortgage wise, but more on the tax implicaitons. I would recommend your father seek independant legal and taxation advice before the sale takes place to work out the way that leaves the lowest, tax liability, or potential liability.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards