Use of Mortgage money

DCFC79

ebygum83 wrote: »

Hi to all. I hope the following question is posted in the right forum -
I own a house (well, I own 60 % and am mortgaged for the rest of it).
It's only my name on the title and I live alone without dependants. My dilemma is as follows -
Recently I applied for and got extra borrowing, effectively a second mortgage. That money only came into my bank account a few weeks ago. When I bought the house a relative helped me with a gift of approx. one quarter of the buying price. This was done through a solicitor so there is an official record of it. The idea was that after a few years I would return that gift. BUT, the person giving the gift has hit financial difficulties and needs the gift returning rather sooner than later, (i.e. pretty damn quick).
So, what to do ? I am on good terms with this person and wish to remain so. Their generous gesture helped me and I want to return the gift ASAP. Presently the only way for me to do this is to pass on the mortgage money I received a few weeks ago. ( This mortgage money was mean't for some home improvements but they are not urgent). But is it ok for me to do this, legally ? I am able to repay my monthly mortgage bill without problem and owning more than half the house means if anything happened to me (losing job, illnesses, etc ) the Mortgage money is covered by my equity so no one will lose out. Still, I feel like I might be on the edge of things by suddenly disposing of this new mortgage to pay off the gift. Am I ok to do this ?
Thank you for all/any advice.

Repaying the money is the right thing to do.