Help with Deeds please

Littleliz_3

Please could someone help me out with the Legal side....

We are wanting to pay off my father in laws interest only mortgage as the Bank are now demanding the money he owes on the mortgage, having initially granted him an interest only mortgage.

He is 70 years old and does not earn enough money to pay his monthly payments however, he has been paying the interest only payment without fail for the last 5 years.

My question is... If we were to pay off the mortgage what would we need to do to ensure that we eventually get our money back and any interest we have paid on this. Would we need to change the deeds or would we need to have something written into the will?

We do not want to make a profit on this but only want what we pay in to ensure that an old man can live happily in his home (rent free) and not have a bank chasing him for money.

VIGILANT22

written into the will

Littleliz_3

Thanks ... do you know what would happen if our father in law was to have to move to a nursing home, could the house be sold and all the money be used to fund this and if all the money was used would that mean we would be unable to receive the money back?

VIGILANT22

You will find a lot of info on www.ageconcern.org.uk/AgeConcern/who_we_are.asp

However you really need to take advice on these matters and these forums dont give advice only opinion....