Paying off my parents mortgage in secret for Christmas?

alcur

Thanks guys. Looks like it's pretty much impossible to do this direct. Looks like I'll take a picture of the house with a "blank cheque" as it were for their mortgage.

They don't have any other debt other than the mortgage so I'm not worried in that sense.

Mojisola

G_M wrote: »

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?

No - but the parents involved may have a much greater need for a lump sum than paying off the mortgage -

penguingirl wrote: »

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.

as penguingirl says - or they may also be quite happy paying off the mortgage gradually while they would love to spend at least part of a lump sum on a holiday of a lifetime or some other pleasurable event.

PasturesNew

Even if you could achieve it, you might then discover that there was a good reason they weren't paying it off.... e.g. avoiding some fees, or benefitting in some other way that you didn't even know about.

Maybe they've got, say, a secret dream of going into the branch together on their X wedding anniversary, paying it off in crisp £50 notes, before getting sausage and chips from the chip shop across the road .... just like they did the day they got the keys to the house all those years ago.

moneyistooshorttomention

Personally - I think its a really nice idea.:T

A mortgage is a major millstone round the neck basically and I'm sure they will thoroughly appreciate it.

As for anything else they want money for - well...they will have the money available each month that they are currently having to pay out on the mortgage payments. So they will have extra money to play with each month and, even if the mortgage payments are now pretty low (eg £200 per month) - then £200 a month will buy them a noticeable number of treats each month.

It's the type of thing I would do in your position.

Have a good Christmas:beer:

Petra_70

I think it's a lovely idea too, and what a kind person the OP is to be thinking of doing this. Only on MSE would someone come along and say something negative about it!

I think though OP, that you will have to let your parents know, because I doubt that you will be able to do it without their knowledge IYSWIM.

Not sure how you can get around this to be honest.

Miss_Samantha

Mojisola wrote: »

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

Alcur does not intend to give them money. He wishes to redeem their mortgage.

Kynthia

The OP isn't giving them money though but wanting to 'give them complete home ownership'. Giving your parents money which they then use for a massive holiday and a new car and then they still need to pay the mortgage every month for years is a very different gift.

whitewing

Why don't you discuss it with the one who normally handles the finance and do it as a surprise for the other one.

What a fantastic, fabulous gift.

nic_santorini

I think that is a lovely idea - hope you can do it and surprise them.

racing_blue

Wow - I think it could feel a bit weird. A sort of parent-child reversal moment. It could affect the relationship in a good way or in a bad way, so Beware the unintended consequence.