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Paying my mothers mortgage.
Ramz289
Posts: 1 Newbie
I was hoping someone could shed some light into my question.
My mother is currently paying her mortgage and there is no charges or penalties for early payments being made.
My name is not on the mortgage/flat and I am looking to start paying every month a certain amount in order to clear the mortgage quicker.
My question is firstly am i allowed to pay directly into the mortgage account and secondly will there be any tax implications for me or my mother by doing so ?
Regards
Ramz289
My mother is currently paying her mortgage and there is no charges or penalties for early payments being made.
My name is not on the mortgage/flat and I am looking to start paying every month a certain amount in order to clear the mortgage quicker.
My question is firstly am i allowed to pay directly into the mortgage account and secondly will there be any tax implications for me or my mother by doing so ?
Regards
Ramz289
0
Comments
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You can do so by setting up a standing order or direct debit.
Tax implications guess the only thing you need to consider is inheritance tax but the likelihood is we last longer than our parents.
You can also gift a certain sum each year without incurring tax liabilities and if you make regular payments that come from your income and not your savings then you can gift a little extra I believe. It might be best getting the opinion of a tax advisor.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
Agree with the above post, and what a kind thing you are doing too. Respect.I am a Mortgage Adviser
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.0 -
You could always lend the money to your mother interest free. Then you would assist your mother while protecting your own money.0
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It's not a little extra if from income it's as much spare as you have
Paying down a parents mortgage increases their estate if that could cause them IHT issues then loans rather than gifts are an option.0
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