Transfer of mortgage from parent

MrMatt_2

Hi All

Hoping for a bit of advice here - basically, what I want to do is take on my retired mother's mortgage to make her retirement more financially comfortable.

Her mortgage is interest-only with 10 years left of the 25 year team. There is no endowment either! The balance is £60,000. The value of the property is £200,000.

What is the best way of doing this? Would it be a simple transfer of names on the mortgage? I'd like the deeds to remain in my mother's name if possible.

Appreciate any thoughts on this.

Thanks

Matt

CLAPTON

in general no mortgage company will give you a mortgage unless you are the owner of the property

anyway why not just give your mother the money pay off the mortgage?

MrMatt_2

Hi

I don't have the money as a lump sum to give her unfortunately although I could make the monthly mortgage repayments. That's what I was hoping to arrange - transfer the mortage so I'm paying it monthly. Maybe adding me to the mortgage as a joint party may be better?

Thanks

CLAPTON

what do you want to achieve?

... you can simply give your mother the monthly amount and then she can pay the lender... very simple unless of course you want to achieve something else

Tom25

Why not just set up a standing order for the monthly morgage payment to go to your mum...Simples

Mrs_Bumble

Is you mum able to make the monthly payments?

How old is your mum, 10 years left?

Was your mum's intention to down size at the end of the mortgage term and repay the mortgage at that point?

As above if your mum is struggling and you just want to help then by far the simplest way is to just send the money across, if you try and take a mortgage on then you will have a credit committment in your name that will deduct from affordability on any other credit committment that you try to take out and also if you take a mortgage out on the property you name would have to go on the deeds for the mortgage providers protection and insistence.