Handing Over a Mortgage... Can It Be Done?

David301

What happens when you or your brother gets a girlfriend and she wants her own house and doesn't want to live with your parents?

If your parents can't afford the place on their own either you and your brother up your board money or they downsize.

What you are proposing is very loyal to your parents but in a few years down the line when individual circumstances change this will become a very messy situation.

The house will become yours in the future when they die, so why would you mess about with banks and the such like? just give them what they need if you can afford to and go through the finances with them to see how they can be improved!

Red-Squirrel_2

This doesn't sound like the best solution, it might work as long as circumstances stay exactly as they are now, but really how likely is that?

If your parents are struggling to pay the mortgage because they are also paying large amounts to unsecured debts, then the best thing to do is to read Martin's debt guide on here and visit the debt free wannabe part of the forum.

If its just that the mortgage isn't affordable anymore on what they're earning then they'll need to look at downsizing, and you and your brother may need to move out to allow them to do this.

I realise that people can get very emotionally attached to a house, but the reality is that your home is where your family are! Moving away from a house that holds good memories doesn't take away the memories.

Brock_and_Roll

As previously mentioned, Deprivation of Assets will be a major issue if....


....at any point in the next 10/15 years your parents require any form of means tested benefit, such as care home fees. Such a big sale at under value will be spotted these days.