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Transfer of Mortgage + House
madeforidiots
Posts: 26 Forumite
Hi, looking for some direction.
I'm staying with my mother who has all her faculties and is unlikely to require any kind of caring facilities.
However, she has a mortgage of around £40,000 on the property valued at around £110-120k, and she is 61 years of age. The mortgage is only for 10 years so repayments are quite high around £570/m. Due to her age, her bank aren't that receptive about any longer term mortgages.
Edit: This would be under Scottish law.
I wonder if it is possible to take over the deed to the house, and then change the mortgage to my name so I can remortgage for a longer period of time and for a lower monthly amount.
Any advice greately appreciated
I'm staying with my mother who has all her faculties and is unlikely to require any kind of caring facilities.
However, she has a mortgage of around £40,000 on the property valued at around £110-120k, and she is 61 years of age. The mortgage is only for 10 years so repayments are quite high around £570/m. Due to her age, her bank aren't that receptive about any longer term mortgages.
Edit: This would be under Scottish law.
I wonder if it is possible to take over the deed to the house, and then change the mortgage to my name so I can remortgage for a longer period of time and for a lower monthly amount.
Any advice greately appreciated
0
Comments
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If you do take over the deeds of the house, you will have gained £80000 of asset. If mother does need funded care, this transaction can be unrolled to extract to £80000 [google 'deprivation of assets'].
And if you need a mortgage of your own, that will be £40000 you will not be able to put to your own place.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
madeforidiots wrote: »I'm staying with my mother who has all her faculties and is unlikely to require any kind of caring facilities.
How can you be so sure of this in the years ahead?0
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