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Grandparents want to buy our mortgage
Comments
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A mortgage is just a loan with security. Grandparents would be wise to secure this loan by placing a mortgage charge on OP's property.Wouldn't it just be a loan?
Probably the worst thing which is likely to happen is that OP wants to move and Grandparents want the money back but OP is unable to raise another mortgage.0 -
Thank you for your response's. Fortunately there wouldn't be a problem with them needing the money back beforehand as plans are already arranged for that. In summery then it could work well for both of us as long as provisions are made for any adverse eventualities?
Thank you for your guidance this only came up today and wasn't something I've previously considered or have any knowledge of.0 -
I have done exactly this for my daughter.
We had a solicitor draw up a simple agreement regarding the interest rate which we both signed, and a charge on the property was legally registered.
The cost (3 years ago) was £180.0
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