Joint mortgage, mother and son

Giggity18

Hello,

My dad died late last year and my parents had a interest only mortgage with no way of repaying it. I have recently had my name added to the mortgage and we have now remortgaged to a repayment mortgage in joint names.

I am concerned that with my mother being quite elderly that if the worst was to happen and my mum was no longer with us, would my brother and sister have any right to my mums half of the mortgage or would it become my sole mortgage and fully in my name.

I hope I’ve explained that clearly ish. Any help or advise would be appreciated.

Regards

Darren

RonoB

No expert but thinking of doing something similar but buying a property for my parents. Surely if you sold the house today without you on the mortgage and presuming there was equity in it then that would be split between all siblings. However if absolutely no equity and your now solely paying the mortgage and no contribution from your mother then it should all be yours and I’d make sure that was explained to siblings.
If however there is equity I’d get it valued ASAP calculate the equity and get that in writing as all siblings will be due a share. Moving forward if it doubles in value and your paying it off then the rest is all yours. Hope that makes sense.

Edi81

Why are you asking this now? Surely this should have been asked last year.

The debt is in your name (and your mothers). What you need to establish is
How you own the house with your mother
What her will says (if she doesn’t have one she needs one ASAP!)

xylophone

Do you and your mother own this property as joint tenants or as tenants in common?

Is there any insurance in place to repay the debt if either party dies before the mortgage is redeemed?

https://static.halifax.co.uk/assets/pdf/mortgage-guide.pdf

See above - do you have a similar guide from your mortgagee?

Jrose1927

Joint tenants it's yours

Tennants in common unless there's something on the will then it's also yours I believe

Mojisola

Giggity18 wrote: »

I am concerned that with my mother being quite elderly that if the worst was to happen and my mum was no longer with us, would my brother and sister have any right to my mums half of the mortgage or would it become my sole mortgage and fully in my name.

Do you mean 'rights to the mortgage, ie, the debt' or 'rights to the property'?

Did you become a joint owner with your mother at the time you took out the mortgage?

Socajam

Rights to the property - I think yes, they will be entitled to part of your mother's share (50%) and could challenge it.
I would get your mother to settle this through her will that she is leaving you her 50% of the property.

Mojisola

Socajam wrote: »

Rights to the property - I think yes, they will be entitled to part of your mother's share (50%) and could challenge it.
I would get your mother to settle this through her will that she is leaving you her 50% of the property.

It would be better to be 'joint tenants' and then the house won't be part of mother's estate at all so no-one else can claim a share of it.