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I am interested in sorting out my Mother's Mortgage and my personal debts.

 

My mother, who is 80, still has about £236,000 remaining on her mortgage.

I have personal debts, which are costing me about £1,200 per month.

My mother's house is worth about £450,000.

 

Would it be possible to get a Lifetime mortgage to repay her mortgage and my debts?

 

I would be happy, and I want to pay towards the mortgage each month.

I know that I would not get a normal mortgage as I would not earn enough (£50,000 a year) and no deposit.

 

I am just wondering if anyone thinks this would be possible, or if anyone had any other ideas?

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I'm surprised that an 80 yet old can still owe the banks 236,000

 

I couldn't do that when I took my mortgage out.

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can you list your debts and whom you pay?

have you checked they are all enforceable?


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Well she does, but that's not the question here, it's what options do I have?

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Well it sounds like to me your trying to get your hands on a 450,000 asset with about 55% equity in it to put your debts into it knowing that the original mortgagee has to have life assurance to pay off the outstanding (at least) remaining balance on death.

Also trying to circumvent inheritance tax with changes of ownership.

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Well it sounds like to me your trying to get your hands on a 450,000 asset with about 55% equity in it to put your debts into it knowing that the original mortgagee has to have life assurance to pay off the outstanding (at least) remaining balance on death.

Also trying to circumvent inheritance tax with changes of ownership.

 

this is not a very helpful contribution to this thread


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That what I see and It wouldn't feel right for me to help someone who could possibly be Trying to strip an elderly parent of their assets before due time.

 

What would you think of this post.

 

Help, son is in debt and they are trying to get on my mortgage to get rid of there debts and take my 450,000 house, possibly to circumvent inheritance taxes...im 80 years old?

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Post #3 please....list your debts and we can help with those for definite.


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That what I see and It wouldn't feel right for me to help someone who could possibly be Trying to strip an elderly parent of their assets before due time.

 

What would you think of this post.

 

Help, son is in debt and they are trying to get on my mortgage to get rid of there debts and take my 450,000 house, possibly to circumvent inheritance taxes...im 80 years old?

 

Son wouldnt be on the Lifetime mortgage...Son cant take the house...no need to probably inherit in the not distant future.....what inheritance taxes..existing mortgage or new lifetime mortgage will reduce it below the threshold ?


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If the parent passes and life assurance pays out there is instantly a 450,000 asset. That is the threshold. So anything above in bnl accounts etc will put it above.

It could be nothin

It could be thousands

I did say POSSIBLE.

The 7 year rule may apply if mother transfers ownership if other 7 year rules ain't adhered to

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There is Life Assurance ?

Transfer ownership ?

7 Year rule ?


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so, mother has mortgage that will be paid off on sale of house, probably after her death

 

you have debt.

 

The two are not linked but you would like advice on how to absolve all responsibility for your own past actions and place a further burden upon an elderly lady?

 

Well, try speaking to her and any other relatives who would be affected by this sudden change in circumstances and if there is agreement then you can take out a mortgage to repay all of the amount owed by the both of you and transfer the property into a joint tenancy.

 

If mother need to go into a care home the council will be looking very carefully at what has gone on in case she has deliberately disposed of an asset but should be satisfied as a 50 year old man still living at his parental home should be considered as having an interest in the property before the time the old lady became in need of care.

 

hope that she doesnt need help for a good while or it will look bad and the council can and will make assumptions about her assets.

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