Mortgage Transfer

peelio

Hi All, I am hoping to get some advice on the below:

In brief, my mum earns minimum wage and is currently on a Self-Assessed Interest Only Mortgage. She has about £56,000 to pay back in a period of 12 years (FYI, she is 48 years old now). I have just started work after university and wish to help my mum. I can give her £300 per month toward her mortgage, perhaps a little more if I dig really deep. What is the best way of me helping her?

I don't know if I could be put on her mortgage and upgraded to income-assessed for a better rate, OR maybe the mortgage could just be transfered to me (though I am unsure if I would need to own the house). It is worth noting that I do not have anywhere near enough money for a deposit. My mums current mortgage is with Santander and she has had it 12 years I think. Also I apologise if the above is really ignorant, I am trying to do some more research into mortgages.

Thanks very much in advance!

Jon

poppy10_2

How much is the property worth?
What income do you and your mother have?

peelio

Property about 90k, mums income is 13k and mine is 33k, but I have to pay rent on top of any mortgage I get with my mum. I don't live with her.

Thanks!