Getting added to my parents mortgage

mojo321

For Removal

Caz3121

any property should sell at the right price. If they need a quick sale have they considered auction?

jacques_chirac

In other posts you have suggested your parents are in receipt of benefits. Is this still the case? If so, giving away a share of a property they do not live in will be indicative of intentional deprivation of capital. This would mean they would be treated as if they still had the money.

CLAPTON

why do they want to do this?

will you be living in the property?

how much is the mortgage?

somethingcorporate

We sold our house in 2 weeks - right price, well presented, good EA.

Do your homework and you shouldn't need the complications that you talk of.

It's not as simple as being "added" to someones mortgage, the mortgage company would likely treat it as a new application. You'd obviously be tied in to a significant financial risk - do you have other mortgages/dependents? All these things would be taken into account by any lender.

Plus, the deprivation of assets question is absolutely vital, they cannot give away their money and still expect to be funded by the tax payer.

Jobseeeker

I cant see any benefit to them or you of "adding you to the mortgage". It would be very complicated you would have to all do a new mortgage application together.

If they want you to make the repayments until it is sold then just continue doing that, I presume you trust them to give you the proceeds of sale that you were promised.

And yes there may be an issue with deprivation of capital if they want benefits or state funded care. Perhaps they need to take proper advice.

I do wonder if the easiest thing would be for you to buy your parents' home?

Caz3121

looking at your other post you say they have been trying to sell for 5 years so there is obviously something wrong. How much equity is there? Look to auction and get shot

Thrugelmir

mojo321 wrote: »

Although I must say anyone who works should consider the fact what if they got ill after working all their life to find out they couldn't leave a bean to their children and had to spend everything they have worked for

Saving for retirement during ones working life is to cover the unexpected. I expect my family to make their own fortunes. Feeding them with a silver spoon isn't going to teach them anything.

zzzLazyDaisy

mojo321 wrote: »

I've got my own money thanks, they wish to give it me like I said.

If either of them are in receipt of state benefits or care paid for by the state, or even if that happens later, they will be assessed as if they still had the money/property that they give to you. This will mean that either you will have to pay them the equivalent of the benefits they are or would have been receiving or they would be homeless.

Also, you cannot be simply 'added to' someone's mortgage. All four of you would have to take out a new mortgage in the names of all four of you. In the circumstances which you describe it is very unlikely that either of your parents would be granted a new mortgage, which would mean your application would fail too.