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Transfer of Equity
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Empyrean_2
Posts: 1 Newbie
Until recently I was living overseas which meant that when I needed to buy a property to return to, I wasn't able to get a mortgage. My son bought the house (on my behalf), I provided the deposit and he took out a mortgage which I have been paying. I should like to be added to the mortgage so that I am in more control of household matters and have been advised that I need to do a Transfer of Equity.
My financial situation isn't great but I do have a state pension and a small employment income (I am 61). The mortgage is a fixed rate for 5 years with Santander, it has 3.5 years to run. The mortgage is just under 60% of the property value.
Is it simply a paperwork exercise with a small cost for processing or am I getting into something complicated and expensive?
Longer term I would want to take over the mortgage so that my son can buy his own property.
My financial situation isn't great but I do have a state pension and a small employment income (I am 61). The mortgage is a fixed rate for 5 years with Santander, it has 3.5 years to run. The mortgage is just under 60% of the property value.
Is it simply a paperwork exercise with a small cost for processing or am I getting into something complicated and expensive?
Longer term I would want to take over the mortgage so that my son can buy his own property.
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