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Transfer my mortgage to my Dad
Comments
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Or...... and this is really radical..... sell it on the open market.Thrugelmir wrote: »Sell the property to your Dad. Problem solved.0 -
wilkie1984 wrote: »I want to transfer my mortgage to my dad so it is in his name but I will make the monthly payments to him but I need the mortgage out of my name because I want to apply for help to buy Scotland can someone tell me how I can go about this?
So let me get this right.
You have a property and want to transfer it to your dad so that you can then have another property on the cheap so that presumably you can rent it out.
And the difference between you and a banker is ?????0 -
wilkie1984 wrote: »I want to transfer my mortgage to my dad so it is in his name but I will make the monthly payments to him but I need the mortgage out of my name because I want to apply for help to buy Scotland can someone tell me how I can go about this?
Your Dad will need to show sufficient income to take on the mortgage. To take on the mortgage, he will have to become the sole owner.
Don't know how old he is, but owning the property could have inheritance tax implications, could also be issues with paying for care, benefits etcI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I think you got it wrong.gettingtheresometime wrote: »So let me get this right.
You have a property and want to transfer it to your dad so that you can then have another property on the cheap so that presumably you can rent it out.
And the difference between you and a banker is ?????
He doesn't want to transfer the property to dad - just the debt!0 -
Not sure if I understand what the OP is suggesting?
Have you spoken to your lender? Tell them that you want your father to take over the mortgage without having his name on the deeds and I am sure their anwer will be very clear. Or are you propsing to have him put on the deeds so he can have a share or all of the house if you were to die 1st?Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
You can not transfer a mortgage into someone else name, they would have to apply for a mortgage in their own right.0
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