Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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
    • 2,716 Posts
    • 13,381 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... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • getmore4less
    • By getmore4less 17th May 18, 8:06 AM
    • 32,035 Posts
    • 19,223 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
    • 222 Posts
    • 666 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.

    2018: 1200 savings --- Family Loan (3250 direct + 2000 saver) 5250/10K paid 52.5%
    #38 1% Challenge: 514.70/ 2018, now at 25%!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

189Posts Today

2,667Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin