Advice please, changing name on mortgage and dealing with Pepper!

WANDE14

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Hello lovely folk,

Just wondering if anyone can help.

We have approx 80 left on the mortgage we have been paying in my brother in laws house for the last 15 years. My brother in law is no position to pay anything in to this house so wants to transfer my husbands name on the mortgage. Pepper are saying that we need to apply for a mortgage for remaining amount for this to happen. Everytime we call they are unable to give us a straight answer and are so unhelpful. Does this sound right? x
 
Hello lovely folk,

Just wondering if anyone can help.

We have approx 80 left on the mortgage we have been paying in my brother in laws house for the last 15 years. My brother in law is no position to pay anything in to this house so wants to transfer my husbands name on the mortgage. Pepper are saying that we need to apply for a mortgage for remaining amount for this to happen. Everytime we call they are unable to give us a straight answer and are so unhelpful. Does this sound right? x
You're paying a mortgage on a property you don't own?

If that's the case, then essentially you need to buy the property and apply for a mortgage to do so. That will then redeem the Pepper loan and both property and mortgage will be in your name.

There's no point in ringing Pepper - in fact they can't deal with you as you are not their customer.
 
Dealing with Pepper is ... not fun. Especially if you're not the mortgage holder or named on it. Best to talk to a solicitor and a bank re getting the means to buy the house outright. A solicitor might be able to help claw back some of what you've paid on your brothers behalf too.
 
Hello lovely folk,

Obviously, this question was not aimed at me, but I will reply anyway.

There are two completely separate issues here.

Your brother owns a house in his own name.
Your brother has a mortgage in his own name.

Your brother appears to want to transfer the house into the names of your husband and you.
How much is the house worth?
If you are paying more than €80,000 then you and your husband will be getting a gift for the difference between the market value and the price you paid.

This means that you would have to pay Gift Tax on the gift.

Your brother would have to clear the mortgage before he could sell it to you. So you would have to give him €80k.

Brendan
 
Thank you for your replies. We have been paying the mortgage payments since the beginning. His dad helped him purchase the property but unfortunately he went down a different path in life and realistically cannot afford to do anything. His Dad has discussed with us to take over the mortgage on the house.
 
We have been paying the mortgage payments since the beginning.

Eh, that is called "rent" if you don't own the house.

Why did the dad not help your husband buy the house instead?

Anyway, none of that matters now.

If you buy the house for less than the value you will pay gift tax on the difference.

If the house is worth more than he paid for it, he will pay Capital Gains Tax on the increase in value.

Brendan
 
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