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Pay off Mortgage or Offset?
Watty99
Posts: 1 Newbie
Looking for some advice please.
My 5 year fix rate mortgage ends at the end of April 2023
House Value = 280k Mortgage remaining 115k
I purchased the house on my own - but now my partner has formally moved in a few months ago when she sold her flat.
She is looking to purchase a 50% share in the property to put her name on the title deeds - using some of the proceeds from the sale of her flat.
This mean we have enough to pay off the mortgage now or when the fixed rate period ends in a few months.
SO do we pay off mortgage or use a Offset mortgage to keep the money as a safety net?
How do I add her name to the Title Deeds?
Will she be liable for Stump Duty when she purchases a 50% share now - even though I paid stamp duty myself when I purchased this property at the time?
My 5 year fix rate mortgage ends at the end of April 2023
House Value = 280k Mortgage remaining 115k
I purchased the house on my own - but now my partner has formally moved in a few months ago when she sold her flat.
She is looking to purchase a 50% share in the property to put her name on the title deeds - using some of the proceeds from the sale of her flat.
This mean we have enough to pay off the mortgage now or when the fixed rate period ends in a few months.
SO do we pay off mortgage or use a Offset mortgage to keep the money as a safety net?
How do I add her name to the Title Deeds?
Will she be liable for Stump Duty when she purchases a 50% share now - even though I paid stamp duty myself when I purchased this property at the time?
0
Comments
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Personally, I would offset it fully as it's always useful to have money in the bank.
0
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