Can I be added to the mortgage?

Posted on 13 March 2011 by Angela Moore


My husband and I are in a debt management plan because of this we sold our property. As we are both currently unemployed we gave £220k to our son to put down as a deposit on a home for £430k on a buy to let mortgage for us to live in. We pay him the cost of monthly mortgage, he already owns his own home that has a mortgage. Can I be added to the mortgage even though I am in a debt management plan? I am in the process of working as a self employed person. I am worried about any tax implications what we have done for my son and ourselves.

Angela,

The easiest way to do this would be to contact your Son's existing Lender and asking them to consider a transfer of equity subject to mortgage. Your Son should be able to ring them up, explain the situation and ask if they have any objections to you joining the mortgage.

You will need to instruct a Solicitor to act in this transaction and your Son may want to get his own independent advice. I can not give tax advice, but there may be Capital Gains Tax and Inheritance Tax implications. You should ask your Solicitor about these.

Peter

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