Gift to pay off mortgage

shazz5555

My boyfriend of 8 years has offered to give me the cash to pay off my 23.000.00 mortgage. He is happy not to make any legal agreements as in putting his name on the deeds or wanting the money back:undecided. What are the pitfalls of this?

shangaijimmy

You could go the best of both worlds option and switch your mortgage to an offset one and put the cash into the offset reserve. That way you could still paydown the existing mortgage without accruing interest, and do it as quick or slow as you want to. At the end you have a nice cash amount then to do something with, or if things go majorly wrong the cash is still there.

getmore4less

shazz5555 wrote: »

My boyfriend of 8 years has offered to give me the cash to pay off my 23.000.00 mortgage. He is happy not to make any legal agreements as in putting his name on the deeds or wanting the money back:undecided. What are the pitfalls of this?

He changes his mind.

Or it gets changed for him by a new GF/BF.

a_silver_lining

I think legally that he could then claim it was him buying a portion of your home. A bit like if he was paying you monthly rent. I would research the legalities.