We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Need advise for Mortgage to help a Parent Move.
Lard74
Posts: 8 Forumite
Hi,
This is a slight reversal on the bank of Mum and Dad.
My Mother is looking to move much more locally to me. She has seen a place she really likes but doesn't have quite enough to buy it and to do work needed on it.
Iam happy to get a mortgage (sub £100k) against my property, which i own outright , to then give to her so that she can move.
My question is - can I do this?
Thanks
This is a slight reversal on the bank of Mum and Dad.
My Mother is looking to move much more locally to me. She has seen a place she really likes but doesn't have quite enough to buy it and to do work needed on it.
Iam happy to get a mortgage (sub £100k) against my property, which i own outright , to then give to her so that she can move.
My question is - can I do this?
Thanks
0
Comments
-
Yes you can, but I would loan her the money (protecting your loan with a charge against the property) rather than give it to her so it does not form part of her estate for IHT purposes, or in case she leaves everything to the local cats home.1
-
Why is she looking at properties beyond her price bracketThrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards