Paying into someone else's mortgage

MandyinEaling

Hi, I just wanted to ask whether it is legal to pay into someone else's mortgage directly or whether you have to give the money to the person in question for them to do it. I'd like to be able to tip a bit of money into family mortgages from time to time and be sure that money ended up there. The easiest way is to pay directly, but I wasn't sure if that contravened money-laundering legislation. Thank you.

davidmcn

It just goes into the BACS system like any other electronic payment, I doubt the lender cares as long as it's on time. You won't be able to "be sure that the money ended up there" - you'll need to ask the account holder to check that.

waveneygnome

Yes it's perfectly possible, and a lovely thing to do if you are in the position to do so.

You will need to have their exact mortgage account details though, and the lender will not be able to give you any specific details...like how much is left owing etc.

I have done this for 2 family members now and not told them. They only discovered when they got their yearly statements through. It was a nice surprise for them.

AnotherJoe

davidmcn wrote: »

It just goes into the BACS system like any other electronic payment, I doubt the lender cares as long as it's on time. You won't be able to "be sure that the money ended up there" - you'll need to ask the account holder to check that.

Pretty sure what the OP meant was they might give a relative £250 as cash or cheque or sent to their bank account for their mortgage and then find it was spent down the pub instead.