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Mother In Law offering interest free mortgage
hunnibee_2
Posts: 40 Forumite
Hi all,
My mother in law has approached me today and asked how much we pay monthly for our mortgage.
She then suggested that when she retires in July, she would like to sell her house and pay off our mortgage and my brother in laws mortgage also, and we pay her the mortgage amount each month instead for a substantially less amount of time than we have left on our mortgage. This will potentially save us thousands of pounds in the long run.
However, I'm not sure how we go about this. Obviously I would like some type of contract in place to protect us all.
Is it better for her to pay it directly to the mortgage company? As it is not a gift (she has the expectation of us paying it back) where does the law stand on this?
Thanks
My mother in law has approached me today and asked how much we pay monthly for our mortgage.
She then suggested that when she retires in July, she would like to sell her house and pay off our mortgage and my brother in laws mortgage also, and we pay her the mortgage amount each month instead for a substantially less amount of time than we have left on our mortgage. This will potentially save us thousands of pounds in the long run.
However, I'm not sure how we go about this. Obviously I would like some type of contract in place to protect us all.
Is it better for her to pay it directly to the mortgage company? As it is not a gift (she has the expectation of us paying it back) where does the law stand on this?
Thanks
0
Comments
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Think you really need to take legal advice on this one.
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