A
They should get professional advice on this sort of strategy.AndyHobbs said:There is one Son who will likely inherit the house. Could it be gifted/transferred to him without incurring any great tax liability and a mortgage be obtained in his name? They might go for that.
AndyHobbs said:They dont want to move. Nor would they sell to a bank. I don't think buy out by the children would be an option. There is one Son who will likely inherit the house. Could it be gifted/transferred to him without incurring any great tax liability and a mortgage be obtained in his name? They might go for that.
At half the normal rate due to consanguinity relief.liteweight said:Think there will be stamp duty issues tho!
Yes - I think so too.And capital gains tax liability for parents.
Agreed since tax planning in this area can be complex and critical.Best to seek professional advice.
bambino said:Where did you get the 70 yr of age cut off? It is infact illegal for a financial institution to decline a mortgage based on age. If the person can demonstrate repayment capicity post normal retirement age of 65, they CAN NOT be discriminated against. This fact is covered off under the equal status act. Any bank found to be in breech of this act could find themselves in very big trouble.
bambino said:Makes no difference what the banks say their policy is, they are in breech of the equal status act (you can ring the equality people if you don't believe me) You would absolutly have a case against the banks in question especially if affordability can be demonstrated. Policy or no policy they are breaking the law.
ClubMan said:The normal mandatory requirement for owner occupier mortgage protection life assurance can be waived for certain borrowers including those over 50. See [broken link removed]. Not all lenders will actually necessarily waive the requirement though.
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