can i purchase my mothers house for just the cost of the outsanding mortgage ?greenspun.com : LUSENET : Repossession : One Thread
can i purchase my mothers house for just the amount of the outstanding mortgage (B#20000 on a B#80000 property) to save her from repo ?, is this allowed by the mortgage companys ?
And if so could i then charge who rent to live there and would she get state help to pay it ?
-- paul goss (email@example.com), October 28, 2000
If you're getting a mortgage to buy your mother's house, then the lender usually wants to know if the house is being passed between family members.
What you are proposing is possible, but I would suggest that you and your mother see a solicitor - go to a multipractice firm - one that deals with trusts as well as conveyancing. They'll be able to sort everything out so that you and your mother are protected in the future.
-- pendle (firstname.lastname@example.org), October 28, 2000.