moving house query

samg93

Hi currently live with my mum in a house and looking to move to a bungalow.


Current house is worth 320k, in my mums name and is freehold. The potential bungalow is 350k... If we were to get a mortgage, would the new bungalow and mortgage have to be in my name? my mum is over 60 and doesn't earn much, whilst I am on 20k a year.


Also if I were to marry in the future would part of the property go to my wife, if worst case scenario - I got divorced. This is whats stopping me putting the new property in my name.


Kind Regards,

Sam.

kingstreet

Possible spousal deprivation is just one possible legal issue facing this proposition.

Your mother is gifting you £320k and will live in the next property while not being party to the purchase nor the mortgage.

Possible deprivation of assets in the event of care fees.

You need professional legal and mortgage advice.

erin110

I would recommend you seek independent legal advice however, if you wanted to be on the mortgage you can consider a “joint borrower sole proprietor mortgage” where you can be used for affordability but not be named on the mortgage deeds.