We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage/Equity Release
mclerne
Posts: 6 Forumite
About 30 years ago my Mum built an extension, basically a 2 bedroomed house, onto her house for me and my sons to move into. Planning at time wouldn’t allow for 2 separate properties so both parts are classed as one house.
Sadly my Mum died last year and I have inherited the whole property. Our idea was that my son could move into her house and release some equity so I could have some financial stability. Property has no mortgage.
Now to decide on best way to do this.
Life Time Morgages are scaring me slightly as I worry that by the time I die (I am 63) so much Interest will have accumulated that my son will inherit nothing.
Also wondering if he could get a mortgage and I put a % of house in his name. Is this possible?
Any advice you could give me?
Sadly my Mum died last year and I have inherited the whole property. Our idea was that my son could move into her house and release some equity so I could have some financial stability. Property has no mortgage.
Now to decide on best way to do this.
Life Time Morgages are scaring me slightly as I worry that by the time I die (I am 63) so much Interest will have accumulated that my son will inherit nothing.
Also wondering if he could get a mortgage and I put a % of house in his name. Is this possible?
Any advice you could give me?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards