advice needed buying parents home

cja1975

I am wondering if someone can help, my parents 76/74 are having trouble with mortgage, fFathers work got quiet in recession and then became pensioner so interest only was agreed on mortgage, now they want them to start paying as a repayment mortgage, they have 40k left on mortgage and have paid £100k, can I get a mortgage for the 40k and they gift me the house, therefore in my name only (I have no mortgages currently) current market value is about 220k. can anyone offer me any advice I'm a bit overcome with the best thing to do, and they are very stressed about the whole thing. They will inherit in the next five/ten years the full cost of the outstanding mortgage, so could afford to pay it all off outright but we don't know when this would be obviously, can anyone tell me whats the best thing to do or advise me? many thanks

Thrugelmir

Lend them the money in order to make the repayments. Fully document the arrangement to avoid future complications.

cja1975

is this the best way? (they have currently have no will- unbelievable I know) I suppose then a will to be drawn up to say entire estate to go to me on the event of their deaths (only child and this is thier wishes)

Pixie5740

Do you live in the house with your parents? Do you own any other properties?

cja1975

I don't own any property, I stay with my boyfriend he owns home outright.

Pixie5740

Then I think you will find it tricky to get a mortgage for your parents' home.

Are you able to help your parents with the mortgage payments until such time as the mortgage is paid off? I think it's risky them banking on an inheritance in 5-10 years.

Is there enough equity in the property for them to downsize?