Mortgage advice to get parent on lifetime or interest mortgage

[Craigdoo007]

Hi, I would like some advice on my current mortgage situation please. I currently have a mortgage which I took out a few years ago for a house worth £350,000. The outstanding amount on the mortgage is roughly £140,000. I want my mum to live in the house and be the legal owner without her having to pay any monthly payments.

My mum is 65 and one year away from having her state pension however she has fairly poor credit and no current income.

Are there any options for her to get a lifetime or interest only mortgage where she doesn't pay anything monthly but they take the amount if she goes in to care or passes away. Are there any other options that may suit us better? I want to get off this mortgage so my mum can live in the house and I can get a new mortgage with my wife somewhere else.

Any advise would be great, many thanks!

Craig

[Foggy]

Although we have two brokers who post here: Ryan and Shaun, equity release through lifetime mortgages is a different specialism. They might, however, be able to point you in the right direction. Lifetime mortgages are further complicated by the fact that they can affect eligibility for some benefits and care packages, so you do need to do a lot of research there too.

I assume that you are also in an IVA so any equity released on the sale would be payable to creditors and you may find it impossible to purchase a new property.

[Ryan]

Hi,
You definitely need expert advice on this, so speak directly to a mortgage expert who has experience of dealing with IVA's.
It is not possible to give advice without knowing the full circumstances, but as Foggy says, if you are in an IVA you will not be able to pass off the equity to your Mum, without settling the IVA at the same time.