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In the UK can I be a mortgage holder but not on the deeds?
luckysh0t
Posts: 30 Forumite
I plan on gifting my current property to my brother who will live in it. However I wish to remain on the mortgage with him as I would be paying it. I would want removed from the deeds however if at all possible?
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Comments
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Yes.
There are guarantor products now known as "joint borrower, sole proprietor."I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Is your aim to hide an asset?0
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No I'm thinking about moving on to some other city. My younger brother has just graduated and wouldn't be able to afford a mortgage on that kind of place on his own. I'd effectively gift it to him.0
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Now you've raised the matter though may as well ask - say my brother changes his mind and wants to spend his life scuba diving for pearls in the South China sea and I've had enough of my brexit-inspired adventures, would it be straight forward to gift the property back from him to myself?0
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Thrugelmir wrote: »Is your aim to hide an asset?
So, it would appear that your 'gut feeling' was probably correct :rotfl: :T0 -
I'm obviously missing something obvious here?0
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Now you've raised the matter though may as well ask - say my brother changes his mind and wants to spend his life scuba diving for pearls in the South China sea and I've had enough of my brexit-inspired adventures, would it be straight forward to gift the property back from him to myself?
Perhaps bro would rather sell his house and use the money to finance the scuba diving.0 -
Perhaps you could ignore the details of the throwaway example in order to address the question being asked?0
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You can't gift stuff you don't own.0
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Perhaps you could ignore the details of the throwaway example in order to address the question being asked?
If you are talking about property you need to understand the difference between legal ownership and beneficial ownership.
If you want real help don't use a throwaway example as you won't understand if the replies translate to your real situation.0
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