changing a mortgage

clairec_3

I have just recently moved back home and have started my first teaching job and would like to go on to my mums mortgage. At the moment she has an endowment mortgage and we would like to change to a repayment mortgage. Could you please tell us the best way to go about this or the best people to speak to etc.
Thanks.
Claire

Robert_Sterling_3

I think you will get a reply soon from MortgageMan, DD and maybe Payless.  They all cover this type of question from a position of in depth knowledge and experience.
Whereas ...  Fools rush in ....

You want to make two changes.  From endowment Mortgage to Repayment Mortgage and from "My mother's mortgage to our mortgage."

I will leave the first part i.e. The Endowment to others.

You want to be on your mother's mortgage.
Do you mean that you want to be a joint owner of the property with your mother and if so in what ratio.  e.g.  50% 50%  or some other division of the 100%.
If you want to be a joint owner then do you want to be Joint Tenants or Tenants in Common.  I think if you put these two terms ( One at a time ) into a Google search you would understand the difference.

I do not think the lender would have any objection to the change in the way the house is owned.

Good luck with the teaching ... I have been there ...

payless

I think you will get a reply soon from MortgageMan, DD and maybe Payless.  

Maybe Payless ? ( assume you mean as about to go on hols)


lender's will do whatever you want- within reason, but is it the best for you both

The general rule - joint mortgage = joint property

would your mother want this , does anyone esle have a say ( father, mother's partner, brother or sister)?

Changes = costs , are they needed?

Whats the reasoing behind your thoughts?


Robert's   joint / common question is also an issue, but will depend on the other people involved (as above), value of your mother's property/ estate, potential IHT, LTC issues.