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!

Swapping house with parent - is this possible?

mumoftwo30 · 2013-01-26 22:31:31

Hello, My mother in law has offered to swap houses with my husband and I. She said she wants us to have our inheritance now rather than when she dies as she is keen to get us out of negative equity (we bought our house in 2007 - worst decision ever!). She is widowed and living in a big house which she is finding too hard…

Comments

kingstreet Posts: 39,315 Forumite

27 January 2013 at 11:15AM

The only way I can see this working is as a sale/purchase.

Your mother will need to sell you her property, at undervalue to generate a deposit for you, I guess. She will then have the cash to repay the mortgage on your property, which you would transfer to her, once mortgage free.

A lender won't lend to you on her property while she still owns it, so a purchase is the only realistic option.

I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
0