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need some serrious home help on what to do
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so if my stepdad gifts me my house i then own it outright and then hopefully would be able to take out a loan against the house instead off applying for a mortgage0
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The house is only worth about £70,000 - so whether this was an issue would depend on the value of the rest of his estate (i.e. the other house).
It was £70K when he bought it. OP has said the value now is "at the very least £90,000".Step-dad has a tax-free band of £325,000. Unless he has given that much away already inheritance tax is not an issue.
But the £325,000 would include not just what he's already given away but the total of all his assets when he dies, including the value of his own house. The OP has not hinted at what this might be (he might not even know) hence it is an issue he should be aware of, surely?0 -
InMyDreams wrote: »It was £70K when he bought it. OP has said the value now is "at the very least £90,000".
But the £325,000 would include not just what he's already given away but the total of all his assets when he dies, including the value of his own house. The OP has not hinted at what this might be (he might not even know) hence it is an issue he should be aware of, surely?
we are comfortable but not that comfy lol his estate wont go over £325,000.
is a mortgage a better bet than a home owner loan ? in my position?0 -
You keep asking that without explaining what you think the difference is.
i can go tomorrow and get the ball rolling for changing the names on the deeds that is not a problem, me getting accepted for a mortgage is not guaranteed but if i apply for a loan using my house as a guarantee surely it will be accepted0 -
i can go tomorrow and get the ball rolling for changing the names on the deeds that is not a problem, me getting accepted for a mortgage is not guaranteed but if i apply for a loan using my house as a guarantee surely it will be accepted
Anyone applying for a mortgage will always have a house to use as a guarantee.No reliance should be placed on the above! Absolutely none, do you hear?0
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