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Is this possible?
kinsorted
Posts: 1 Newbie
Hi,
This is my first post so i'll keep it simple.
My house is mortgage free, but me and my son want to raise some capital against it. due to my old age, nearly all lenders (even speciality ones) have rejected any idea of it.
The only other option we may consider is transferring the deeds to my son's name and remortgaging to raise the capital as his earnings are sufficient for the amount.
Is this possible or frowned on?
thank you
This is my first post so i'll keep it simple.
My house is mortgage free, but me and my son want to raise some capital against it. due to my old age, nearly all lenders (even speciality ones) have rejected any idea of it.
The only other option we may consider is transferring the deeds to my son's name and remortgaging to raise the capital as his earnings are sufficient for the amount.
Is this possible or frowned on?
thank you
0
Comments
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What is the purpose of the borrowing - how old are you - what is your own income - how much and what property value ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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...........and why have "nearly all lenders" rejected your proposal? Does "nearly all" equate to some have accepted?0
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Who currently lives in the house?:hello:0
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Gift your Son the house and he may be able to take out a secured loan on it after 6 months.
Get some legal advice on the implications of giving away assets."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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