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Transferring a mortgage from parents to child
Scotty_Mc
Posts: 9 Forumite
Hello,
My wife and I are living with my parents. They remortgaged the house to start a business but due to circumstances beyond their control, it failed.
Now they have a mortgage on the home (which I have lived in for nigh-on 26 years) and are approaching retirement age. The house was remortgaged at £119k at a value of £135k at the time (nearly two years ago). We were renting the house from them whilst they moved to the new property where the busniess was.
As I love the house and wanting to help my parents have a decent retirement without a mortgage looming, we would like to buy the house from them. However we do not have a deposit.
Is there anyway that we can take control of the mortgage from my parents and the house become ours?
Our combined gross salary is approx £39kpa.
Cheers
My wife and I are living with my parents. They remortgaged the house to start a business but due to circumstances beyond their control, it failed.
Now they have a mortgage on the home (which I have lived in for nigh-on 26 years) and are approaching retirement age. The house was remortgaged at £119k at a value of £135k at the time (nearly two years ago). We were renting the house from them whilst they moved to the new property where the busniess was.
As I love the house and wanting to help my parents have a decent retirement without a mortgage looming, we would like to buy the house from them. However we do not have a deposit.
Is there anyway that we can take control of the mortgage from my parents and the house become ours?
Our combined gross salary is approx £39kpa.
Cheers
Halfords TC savings to date - £43.51
0
Comments
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Difficult without a deposit.0
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You're likely to be in negative equity due to house price falls. Can the other property be sold in order to pay off a chunk of the mortgage?0
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good info.. hope the market poicks up soon0
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