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Taking over parents mortgage with a gifted deposit
GH123_2
Posts: 1 Newbie
Hi, I'm after some advise please.
Is it possible, or what is the best way, to take over my parents mortgage.
The details are:-
House Value - 150,000
Remaining Mortgage - 40,000
They are willing to gift me the equity so I only need to mortgage the remaining 40k.
The spanner in the works is that I'm expat living out of the UK for the past 11 years with no credit rating, address etc in the UK. I would not be returning to the UK to live and my parents will continue to live in the house (rent free)
Is this possible? Thanks in advance for any information or advise
Is it possible, or what is the best way, to take over my parents mortgage.
The details are:-
House Value - 150,000
Remaining Mortgage - 40,000
They are willing to gift me the equity so I only need to mortgage the remaining 40k.
The spanner in the works is that I'm expat living out of the UK for the past 11 years with no credit rating, address etc in the UK. I would not be returning to the UK to live and my parents will continue to live in the house (rent free)
Is this possible? Thanks in advance for any information or advise
0
Comments
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two issues:
firstly you have you no credit history in this country and it will be difficult to get a mortgage for such small amount and WITH your parents staying rent free to which lenders frown upon.
Secondly it will be perceived as deprivation of assets should your parents need a care home in future from the state. So the council could put a charge on the property should they use the state
Why not help them pay the rest of the mortgage if they are struggling or downsize and ensure this is adjusted accordingly in their will"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
It sounds like the house is the only major asset they own, and if that is the case they would be foolish to give it away. What would happen for example if you died before them or got divorced or were made bancrupt? Any one of those things could see them made homeless.0
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This doesn't work for the Lenders.
There are lenders that would let your parents stay if you are moving in - but not when you are Expat.
I would be very surprised if you arranged Lending on this property, in your name, in these circumstances.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Why dont you just give your parents the money to pay their mortgage?
Once its paid off they can gift it to you if they want.0
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