Well, its worth asking the lender or another lender. A bank may be willing to join you in - or not. However, in the current climate, its hard to know. I find the banks very unwilling to do anything frankly. You can but ask.
It may well be worth the option of transferring properties now. Do the calculation on CGT and stamp duty - given the drop in values, it may not be as daunting as you think and may give you more flexibility.
mf
Life cover may or may not be a problem. On investment properties, there really is no need for life cover - it is primarily for family homes BUT banks may well insist on it.
On your other question, I think you are trying to secure ownership without payment of tax!
I suspect that once he is the sole owner that technically he can leave the property to anyone he wants. You would have an argument about legitimate expectation if you were paying a mortgage but, frankly, given that that expectation was based on a tax avoidance basis, a Court may well take the view that they would not go with it. This is deep technical , estate planning stuff and I am not sufficiently qualified to advise.
Finally, it sounds as if these properties are not a good investment. If the rent covers an interest only mortgage only, then are they not just costing money not making money. Would it not make more sense just to sell them and be done with it?
mf
Have you bought your own home? If not, then encumbering yourself with investment mortgages would probably impact on your ability to borrow in the future.
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