Mortgage advice - tricky situation
in Mortgages & endowments
3 replies 361 views
Hi, I would like some advice on my current mortgage situation please. I currently have a mortgage which I took out a few years ago for a house worth £350,000. The outstanding amount on the mortgage is roughly £140,000. I want my mum to live in the house and be the legal owner without her having to pay any monthly payments.
My mum is 65 and one year away from having her state pension however she has fairly poor credit and no current income.
Are there any options for her to get a lifetime or interest only mortgage where she doesn't pay anything monthly but they take the amount if she goes in to care or passes away. Are there any other options that may suit us better? I want to get off this mortgage so my mum can live in the house and I can get a new mortgage with my wife somewhere else.
Any advise would be great, many thanks!
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