Pass my mortgage to my Son.

Joseph_Sheridan

Hi. Can someone advise me? 

I’m retiring this December. I still have a mortgage left to pay off over the next 4 years. One of my sons are living with me.
My question is, is there anyway that my son could take over the remaining mortgage (£74k) over a longer period?? 

Regards, Mark.

DE_612183

You could sell the property to him - but you would pay stamp duty.

If you want him to take over the mortgage he also has to be the property owner.

I guess you could re-mortgage and he would be a names on the deeds - but you still may have to pay stamp

lisyloo

What are you trying to achieve.

financial help from your son?
you to live rent free with your son as owner?
avoid inheritance tax?
avoid care fees?

it would help people to give you the right help if you said what you were trying to achieve as there may be a better way and pitfalls to avoid.