Family member paying off my mortgage but wants a charging order

debtqueen

A family member has offered to pay off my mortgage (it has about 5years remaining), however he wants to place a charging order on my house. I believe that this is because should anything happen to me then my estate will repay the money back to him.

Not having a mortgage to pay will save me about £700 per month so the saving will be significant. I’m on minimum wage so this will help me a great deal.

I’m not being asked to repay the money, but I need to know what influence he will have on how I decide what to do with the property.

I’ve just been sent the CH1 (charging order) to sign however there is no monetary amount mentioned on it. Is this normal? Am I signing something that will give him a charge on the full value of my house. Any advice would be appreciated.

jwil

You should get proper legal advice before you sign anything.

A charging order suggests they want their money back at some point. What happens if you want to move house? What happens if in 10 years time they decide the want the money back?

Don't sign anything unless you fully understand the consequences.

It might be worth posting on the property boards as there may be people better able to help there https://forums.moneysavingexpert.com/forumdisplay.php?f=16