Hi All,
I have a bit of a strange query and wasn't sure of the exact thread to post it to so have posted here, please let me know if I have posted to the wrong thread.
Basically my parents have a warehousing payment to make on their mortgage which is with a vulture fund in a few years. They can afford to meet the current monthly repayments as it is but don't have any savings to be able to pay the balance when it is due.
I have my own mortgage with my wife and thought about a remortgaging our home to assist but would prefer to avoid this if possible. The balance is >60k and any personal loans are all to short and would need something long term between 10-15 years. If a personal loan was the option my parents would continue to pay the normal rate and I would pay the balance with the loan being in my name.
My bizarre thought was to see if I could acquire a BTL mortgage from a bank to clear the balance then to have the home gifted to me under gift tax. As the current property value is < then the threshold between €310-320k (last valued two years ago). I am an only child as well.
By acquiring a BTL my parents would then pay me rent every month. I am no expert in any of these fields and doubt it is viable but thought I would ask here to get peoples thoughts.
Appreciate any feedback.
I have a bit of a strange query and wasn't sure of the exact thread to post it to so have posted here, please let me know if I have posted to the wrong thread.
Basically my parents have a warehousing payment to make on their mortgage which is with a vulture fund in a few years. They can afford to meet the current monthly repayments as it is but don't have any savings to be able to pay the balance when it is due.
I have my own mortgage with my wife and thought about a remortgaging our home to assist but would prefer to avoid this if possible. The balance is >60k and any personal loans are all to short and would need something long term between 10-15 years. If a personal loan was the option my parents would continue to pay the normal rate and I would pay the balance with the loan being in my name.
My bizarre thought was to see if I could acquire a BTL mortgage from a bank to clear the balance then to have the home gifted to me under gift tax. As the current property value is < then the threshold between €310-320k (last valued two years ago). I am an only child as well.
By acquiring a BTL my parents would then pay me rent every month. I am no expert in any of these fields and doubt it is viable but thought I would ask here to get peoples thoughts.
Appreciate any feedback.