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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Transfer of Equity
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.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards