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mortgage for 60 yr old

mags611
Posts: 1 Newbie
I inherited a property which I am in the process of selling in order to buy a property for my daughter. The plan is for my daughter to take over mortgage in a few years time what sort of mortgage should I look for. I have a small mortgage which I intend to pay off
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Comments
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Too many variables and no numbers provided. Your ability to secure a mortgage at your age will probably depend on your pension provision. And a number of other things...0
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Sorry, B&T is right.
Also, your daughter won't just be able to "take over" the mortgage - unfortunately it doesn't work that way. If she wants to make a gift to you that's equal to the monthly payments, and you then use her gift to pay your lender, that's fine - but it won't make it her mortgage.
The only way for your daughter to have a mortgage on the property in her sole name would be for you to sell or gift it to her, and for her to then raise a brand new mortgage of her own. If you were going to continue to live in the property, that would make it *very* difficult for her to get a mortgage on it.
Perhaps you could tell us a bit more about what you're trying to achieve? Why not just get a mortgage in your own name with the plan of keeping it until the mortgage is paid off? (I know there are lots of reasons for not wanting to do that, but I'd give different responses depending on your specific reasons).0 -
Hi can I just check if I have understood...you will be taking out a mortgage in your name and wanting your daughter to take it over? If that's
correct mortgage companies will normally expect your daughter to get a mortgage in her own right, its not usual for a mortgage to be transfered from one person to another.
If I misunderstood sorry x0 -
The only way for your daughter to have a mortgage on the property in her sole name would be for you to sell or gift it to her, and for her to then raise a brand new mortgage of her own. If you were going to continue to live in the property, that would make it *very* difficult for her to get a mortgage on it.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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