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Mortage advice for a noob please!
waqasr
Posts: 6 Forumite
Hi guys, first post here and ive done alot of research but thought id ask around here too. This is the scenario.
I live with my parents who have an interest only mortgage with an endowment. Parents are old and dont want burden of a mortgage anymore.
They want me to take it all over. The house is worth around 300k, mortgage is 53k. Endowment will have a shortfall so thinking off surrendering it and they will give around 23k.
The plan is for me to take the mortgage on and change to repayment and use the 23k from endowment to bring it down. Santander say to do that my parents cannot live with me?!:( Is this what is known as a transfer of deeds? or equity?
So what are my options? Im trying to do everything I can before going to solicitors.
Thanks.
I live with my parents who have an interest only mortgage with an endowment. Parents are old and dont want burden of a mortgage anymore.
They want me to take it all over. The house is worth around 300k, mortgage is 53k. Endowment will have a shortfall so thinking off surrendering it and they will give around 23k.
The plan is for me to take the mortgage on and change to repayment and use the 23k from endowment to bring it down. Santander say to do that my parents cannot live with me?!:( Is this what is known as a transfer of deeds? or equity?
So what are my options? Im trying to do everything I can before going to solicitors.
Thanks.
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Comments
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When does the mortgage term end?0
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Oh sorry, left that out. 2023 I believe.0
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You'll have to remortgage elsewhere and many lenders won't like your parents continuing to live in the property after "gifting" the property to you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Wow, I did not know that, no wonder family unity is dying away.
So what are our options here? We really dont know what to do anymore.0
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