Mortgage Transfer to my dad

@if ®afiq · 6 Sep 2006 at 16:28

As title really. I was thinking about transferring my mortgage to my father who is 62 and is self-employed - would this be possible?

Rotty · 6 Sep 2006 at 16:29

if he is not already named on your mortgage then I think he would have to go through the full application process and take a new mortgage

also if it is not his primary residence ( and his name on the deeds ) then most mortgage companies will have a problem with doing a normal mortgage on this basis

Premier · 6 Sep 2006 at 16:31

depends on how long you've got left on the mortgage as well.

if you have to go through the whole full application process his age may well work against you.

Visage · 6 Sep 2006 at 16:36

@if ®afiq said:
As title really. I was thinking about transferring my mortgage to my father who is 62 and is self-employed - would this be possible?

You may struggle - he'd probably have to apply for a mortgage in his own name, and use the money raised to pay off your mortgage.

An at 62, it might be tricky.

For this kind of specialised situation, the services of an IFA can be invaluable.

@if ®afiq · 6 Sep 2006 at 16:39

At the moment it's only my name that is on the mortgage, and he is not on any deeds. The mortgage is fairly new - I'm into my third year now...I had a feeling it might be tricky - esp with his age.

I don't think I'll go down this route - thanks for the replies