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Helping mum with a new mortgage now she's retired?
stripey1969
Posts: 55 Forumite
My MiL has hit us with a bit of a bombshell - her interest only mortgage has to be paid off in a year's time, and she says she'll be £30K short.
What are our options regarding a remortgage? Presumably as she's retired she will no longer be able to get one? Would it be possible for it to be our names on the mortgage rather than hers, if we don't own the house? Or could we pay the mortgage if we officially own a bit of the house (or is that seen as a way of trying to avoid inheritance tax)?
So confused, and we really need to know what our options are here. Thanks for any advice you can offer!
What are our options regarding a remortgage? Presumably as she's retired she will no longer be able to get one? Would it be possible for it to be our names on the mortgage rather than hers, if we don't own the house? Or could we pay the mortgage if we officially own a bit of the house (or is that seen as a way of trying to avoid inheritance tax)?
So confused, and we really need to know what our options are here. Thanks for any advice you can offer!
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Comments
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Conventional mortgage will be nigh on impossible.
Depending on your mothers age she could possibly look at some form of equity release to obtain the funds to clear the o/s amount.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
My folks got a new but to let mortgage the other day with Halifax. HSBC didn't want to give them the time of day. It's only for 4 years,but my Dad is 70 next year and they take the age of the eldest applicant. May be worth shopping around.0
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Thanks, I'll look into that!0
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Depending on her pension income, it may be possible to get a mortgage in her name.I am a mortgage adviser.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.0
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