Paying off my parents mortgage in secret for Christmas?

alcur

Hi,

I'm looking for some advice. I'm wanting to pay off my parents £40k mortgage as a Christmas present. The only thing is I want to do this as a surprise.

Their mortgage is with NRAM. I'm not sure if there is any possible way I can do this without their knowledge because obviously I have no details and am not on the mortgage myself.

Thanks

haras_nosirrah

Not sure you will be able to physically do it without their knowledge but maybe you could take a photo of the house as and make it into a card and maybe put the cheque in it and say that their gift is 'freedom'

Mojisola

alcur wrote: »

I'm looking for some advice. I'm wanting to pay off my parents £40k mortgage as a Christmas present. The only thing is I want to do this as a surprise.

Their mortgage is with NRAM. I'm not sure if there is any possible way I can do this without their knowledge because obviously I have no details and am not on the mortgage myself.

I seriously hope not!

It's a lovely idea to give your parents such a lot of money but let them decide what they want to do with it.

lushplus4

Mojisola wrote: »

I seriously hope not!

It's a lovely idea to give your parents such a lot of money but let them decide what they want to do with it.

Surely it's up to the person paying for the gift to decide.

A photo of the house and maybe key with a bow on plus cheque if you can't pay off mortgage directly.

What a wonderful gift

Mojisola

lushplus4 wrote: »

Surely it's up to the person paying for the gift to decide.

When I give people money instead of a present, I don't tell them what they can spend it on.

G_M

If you can find out their mortgage account number (would be on their annual statement or any letters from NRAM) you should be able to make a payment into their account, eg for £40K.

However, to pay it off in full you'd need to ask NRAM for the exact outstanding balance, as well as any surrender fee (eg legal/admin fee to remove the Charge from the property's Title deeds.

And NRAM won't discuss that with you as you are not the account holder unless you have a Power of Attorney.

WeAreGhosts

Mojisola wrote: »

I seriously hope not!

It's a lovely idea to give your parents such a lot of money but let them decide what they want to do with it.

There's always one ...

G_M

Surely it's up to the person paying for the gift to decide.

Mojisola wrote: »

When I give people money instead of a present, I don't tell them what they can spend it on.

So what? That's you - you can decide for yourself whether to tell the recipient what to spend it on or not.

Other people may have a different view. That's for them to decide.

Are you suggesting that we should all give presents in the same way that you do, and that's the only acceptable way?

squinz

What a wonderful gift. I cant think of anything better than having financial freedom from a mortgage.

penguingirl

I personally wouldn't do it directly- because of the difficulties listed above such as getting the statement amount, but also just to double check their financial situation with them. My in-laws a few years ago used a redundancy pay-out to pay their mortgage paid off, but they also had a loan and credit cards with eye-watering interest- it would have much more MSE to have paid those of.

edit: also Christmas sounds awesome in your family! Makes me feel stingy that I'll buy my parents and siblings things like books and jumpers!

Jhoney_2

Put a cheque in a card and then they could do whatever they wished, but perhaps a chat to ensure they are doing the best thing for them/their finances.

Also by not having the mortgage/debt hanging over them they will have x amount pcm to do with as they wish anyway so that would be a matter for them in terms of how they spend it - which is as it should be.