Hello all
When I met my now wife some years ago, I owned a small house. When we got married and began planning a family, I took a buy-to-let mortgage (in my name alone) on this house to raise a deposit for a new home (in both me and my wife’s name).
For the last few years my mother, who lives in another part of the UK, has been ‘renting’ the buy-to-let house (paying the mortgage interest) so that she could have her own place to stay when she came to visit.
My mother is now considering using a lump sum she has to pay half the mortgage on this house as the money saved in interest is greater than she can get from a savings account.
Understandably, however, she is concerned about what might happen to this house should my wife and I split (which is not on the cards).
Ideally, I would like to sign half of the house over to her, but she is a pensioner and does not want to get involved with the mortgage.
My question is, is there a way I can protect my mum’s investment in the house without her name being on the mortgage?
Thanks for any help or advice.
When I met my now wife some years ago, I owned a small house. When we got married and began planning a family, I took a buy-to-let mortgage (in my name alone) on this house to raise a deposit for a new home (in both me and my wife’s name).
For the last few years my mother, who lives in another part of the UK, has been ‘renting’ the buy-to-let house (paying the mortgage interest) so that she could have her own place to stay when she came to visit.
My mother is now considering using a lump sum she has to pay half the mortgage on this house as the money saved in interest is greater than she can get from a savings account.
Understandably, however, she is concerned about what might happen to this house should my wife and I split (which is not on the cards).
Ideally, I would like to sign half of the house over to her, but she is a pensioner and does not want to get involved with the mortgage.
My question is, is there a way I can protect my mum’s investment in the house without her name being on the mortgage?
Thanks for any help or advice.