Can my son help me?

Kai5

I'll try and keep this short. I am 60 unemployed but looking for the last 3 years. I am divorced and have a house worth about £180K with a mortgage of £29K. I have a small Occupational Pension of £60 a week. I have other pensions but they wont pay out normally till I am 65.

Now my son is renting and no way can he get a mortgage. Could he take over my mortgage and over a longer term so I/he can keep the house?
Any advice/points would be gratefully received.

CLAPTON

what is you intent about the house?

will you both live in it or only you or only him?

what is his income?

Kai5

I will be leaving the house to him anyway. Hopefully, he will move in - his income is over £15,000

holly_hobby

To make this work (to avoid possessionary issues for the lender which will rule most lenders out of this exercise), you will need to remain party to the mortgage, or move out.

This will then become a transfer of equity (ie adding your son on to the deeds and mortgage), if Son's sole income can support the mortgage of course. If so, your age won't be an issue re term restriction with respect to several lenders under a remortgage (if it remains a problem with your own current provider).

Speak to your lender directly, and/or engage a broker to assist (especially if you want to move to an alternative provider).

Issues regarding the arrangement, are if your Son wants to move on and force sale (whilst you've still got your dancing shoes on), as even if he is happy to leave you in the property, the mge on your property will be included in any future application he will make for his own home (as well as other possible tax implications, which is a discussion for another day) - and one major reason why I would keep my name on the deeds (&mge) to ensure that your interests and residency are protected if Son becomes a jnt owner.

Anyhoo, your adviser will discuss more on this aspect and more

Hope this helps

Holly x

Kai5

Well from what you say - its a possible at least. If anyone else spots anything that would be an issue, please comment. :j