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Mortgage with a Trust
Rosatoso
Posts: 1 Newbie
I am a newbie, so apologies if I am posting here incorrectly.
My aunt passed away recently and left her money (no property involved) in an Interest in Possession trust for my children who are aged 14 & 12 until they are 21. My mum and I are the trustees. I would like to buy a property for them with this money which we would rent out for them until they reach this age. In order buy something larger is it possible the trust can take out a mortgage or can I take out a mortgage for the property and be liable for the mortgage payments in my name as a trustee?
Any advice would be appreciated. Many thanks.
My aunt passed away recently and left her money (no property involved) in an Interest in Possession trust for my children who are aged 14 & 12 until they are 21. My mum and I are the trustees. I would like to buy a property for them with this money which we would rent out for them until they reach this age. In order buy something larger is it possible the trust can take out a mortgage or can I take out a mortgage for the property and be liable for the mortgage payments in my name as a trustee?
Any advice would be appreciated. Many thanks.
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