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I live abroad. Can I gift my UK property to my son, but still retain responsibility for the mortgage?

Posted on 4 June 2013 by Johan


I personally own a property in London and responsible for mortgage. I use to live in London, but now back in South Africa and resident in SA. I want to "gift" the property to my son, currently working and living in London. Can ownership be transferred to my son, and I remain 100% responsible for the mortgage? The mortgage is approx 20% of the value of the property.

Johan,

Unfortunately, most of the major UK lenders won't allow an overseas guarantor. There are however, a few of the smaller lenders who manually underwrite cases, who might be prepared to take a view on the proposal.

We would to know more information around both yours and your sons personal financial situations though, before we could say with any certainty whether this is something that we could definitely do.

If you'd like to take this further and arrange a time to talk in more detail with one of our consultants, then please let me know and I'll arrange this for you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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