brehon6789
Registered User
- Messages
- 42
Hi All
I was wondering if you could give me some advice with a particular problem that i am having.
My parents own their own house they are both in their 50's at this stage, my dad runs his own small biz but for the last year the business isn't making much money and making ends meet is proving difficult, because of his age the bank PTSB is unwilling to negotiate on the term of the mortgage his monthly repayments are 1400 and the morgage has 19 years left to run.
So what my father has suggested to do is to transfer the mortgage and the house into my name, is this possible?
If the house was transfered into my name i would then change the mortgage to buy to let and let it to my family i.e. they would just have to make the interest repayments.
The house is valued at 300k and they have a mortgage of around 190k
any advice would be great.
Thanks
Brehon
I was wondering if you could give me some advice with a particular problem that i am having.
My parents own their own house they are both in their 50's at this stage, my dad runs his own small biz but for the last year the business isn't making much money and making ends meet is proving difficult, because of his age the bank PTSB is unwilling to negotiate on the term of the mortgage his monthly repayments are 1400 and the morgage has 19 years left to run.
So what my father has suggested to do is to transfer the mortgage and the house into my name, is this possible?
If the house was transfered into my name i would then change the mortgage to buy to let and let it to my family i.e. they would just have to make the interest repayments.
The house is valued at 300k and they have a mortgage of around 190k
any advice would be great.
Thanks
Brehon