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!
Help with Deeds please
Littleliz_3
Posts: 2 Newbie
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.
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.
0
Comments
-
written into the will0
-
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?0
-
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....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards