How can we bail out our son?

Holymoses

I have trawled through the last couple of months threads on this forum but cannot quite find a similar scenario, so please bear with my query if it has been answered before.

Our son and wife have separated, no children.

They purchased a house in 2009, joint mortgage. Wife stopped her contributions to the mortgage about three months after leaving.

We (the parents) have been making up the mortgage shortfall for the last six months and can continue to do so indefinitely.

The wife has indicated that she has no interest in the house and is willing to sign transfer of equity.

We now want to approach the lender and ask if we can help pay the mortgage. Our pension earnings will not suffice for a mortgage application but our savings will.

My question is, how will the lender view this, especially as the mortgage is fixed and has a penalty for changes.

dimbo61

Your son needs to speak to the lender and see if he can take on the mortgage on his income alone.
Now my partner ( now wife) had her mum and dad act as guarantors when she split from her then partner.
You may need to put some of your savings into your sons property to help with the Loan To Value but see a solictor to safeguard your interests.
You son should not have to change lender or mortgage deal and therefore no ERC,s