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  • FIRST POST
    • shazz5555
    • By shazz5555 16th May 18, 10:27 PM
    • 60Posts
    • 38Thanks
    shazz5555
    Gift to pay off mortgage
    • #1
    • 16th May 18, 10:27 PM
    Gift to pay off mortgage 16th May 18 at 10:27 PM
    My boyfriend of 8 years has offered to give me the cash to pay off my 23.000.00 mortgage. He is happy not to make any legal agreements as in putting his name on the deeds or wanting the money back. What are the pitfalls of this?
Page 1
    • shangaijimmy
    • By shangaijimmy 17th May 18, 8:00 AM
    • 2,907 Posts
    • 14,615 Thanks
    shangaijimmy
    • #2
    • 17th May 18, 8:00 AM
    • #2
    • 17th May 18, 8:00 AM
    You could go the best of both worlds option and switch your mortgage to an offset one and put the cash into the offset reserve. That way you could still paydown the existing mortgage without accruing interest, and do it as quick or slow as you want to. At the end you have a nice cash amount then to do something with, or if things go majorly wrong the cash is still there.
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • getmore4less
    • By getmore4less 17th May 18, 8:06 AM
    • 34,752 Posts
    • 21,200 Thanks
    getmore4less
    • #3
    • 17th May 18, 8:06 AM
    • #3
    • 17th May 18, 8:06 AM
    My boyfriend of 8 years has offered to give me the cash to pay off my 23.000.00 mortgage. He is happy not to make any legal agreements as in putting his name on the deeds or wanting the money back. What are the pitfalls of this?
    Originally posted by shazz5555

    He changes his mind.

    Or it gets changed for him by a new GF/BF.
    • a_silver_lining
    • By a_silver_lining 17th May 18, 5:16 PM
    • 426 Posts
    • 1,484 Thanks
    a_silver_lining
    • #4
    • 17th May 18, 5:16 PM
    • #4
    • 17th May 18, 5:16 PM
    I think legally that he could then claim it was him buying a portion of your home. A bit like if he was paying you monthly rent. I would research the legalities.
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    800 emergency fund --- Family Loan paid 7019.14/ 10K
    Pay debt by Xmas 2019 #81: 1019.14/4K
    2019 1% challenge #18= 25.4%
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