Transfer of Title to our Children

Posted on 9 February 2011 by R Hatfield

My wife and I are both retired. We have an interest only mortgage with 9yrs left to run. As an investment for our 3 children can we have the mortgage put in their names, carry on living there and pay the monthly payments if it was over 20-25yrs?


Whilst this is a simple idea in reality many Lenders are not that keen to assist. This is mainly due to the potential problems in evicting you should the property be taken into possession. That said, there are Lenders who will consider the proposition as long as no lifetime tenancy is created, vacant possession is available at the time of completion and subject to your children being able to afford the monthly payments in addition to any existing debts they may have.

You will also need to consider the Capital Gains Tax implications of this transaction and I recommend you take specialist tax advice on this.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the adviser the date of your question, they will be able to look at your situation and take it from there.


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.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.