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Ending mortgage with parents help
feebie1979
Posts: 4 Newbie
Hi,
I’ve been in business with my parents for over 20 years. We bought land and built a house on it for them then later built an annexe for me.
I’ve been in business with my parents for over 20 years. We bought land and built a house on it for them then later built an annexe for me.
At the time we took out a mortgage in all 3 of our names.
My parents have now retired, all business assets and liabilities are in my name and we want to put the property in my name too.
There is just under £70k left on the mortgage, the property is worth around £800k.
My current mortgage company will only take my parents off the mortgage if they were leaving the house (obviously set up for divorcing couples)
do we need to go through the process of them gifting their shares to me over 7 years or is there a mortgage company that would re-mortgage in my name?
TIA for any help 🙏🏼
do we need to go through the process of them gifting their shares to me over 7 years or is there a mortgage company that would re-mortgage in my name?
TIA for any help 🙏🏼
0
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