Pay off sons mortgages

evenasus

neverdespairgirl wrote: »

Hard to avoid it completely, though, I'm afraid. There are ways of reducing it, though, such as giving a sum per year (in the very rough region of £4 per parent to each child) which doesn't count for IHT.

Sorry to seem a bit dim but...
(in the very rough region of £4 per parent to each child)
I'm sure I'm not meant to read it as 4 single pounds but could you just confirm the amount please?

CLAPTON

there are some exemptions

you can give £3,000 per annum away

you can give any number of gifts of 250 to different people (but you can't give your son the £3k and a £250)

you can give gifts from income (as opposed to savings)

you can give more when your children get married.

glad all you money is hard earned as many people have a lot of wealth purely because of the absurd level of house inflation (for which they haven't worked very hard)

neverdespairgirl

evenasus wrote: »

Sorry to seem a bit dim but...
(in the very rough region of £4 per parent to each child)
I'm sure I'm not meant to read it as 4 single pounds but could you just confirm the amount please?

It was me being dim, sorry, I meant £4k not £4!

evenasus

Thank you to everyone for your help and advice.
I suppose now, the next thing to do is to find out if and what penalties will be due in paying off their mortgages.
Sheesh...

chappers

If there are penalties why not kust keep making their monthly payments until they are outside any penalty period.
You are a very nice lady and i hope your sons appreciate you, if they don't please remember there's always adoption, if your allowed to adopt a 39 year old

evenasus

chappers wrote: »

You are a very nice lady and i hope your sons appreciate you

Awww, thank you chappers, I think they do.

Just to let you all know, that (dealing with one son at a time) the first mortgage should be paid off on Friday.
You could have knocked me down with a feather, when my son found out that there will be no redemtion fee - just a £90.00 deeds release fee...YES!!!
Will make life much easier for him and his wife with their young children.