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Can I get a mortgage on a house given to me?

Last post Tue, Oct 20 2009, 1:18 PM by huckster. 3 replies.
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  •  Tue, Oct 20 2009, 1:18 PM

    Re: Can I get a mortgage on a house given to me?

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    Hi

    Would suggest that you get legal advice about this as there could well be tax issues involved. See the government information site on such gifts. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/InheritanceTaxEstatesAndTrusts/DG_179363

    Once the ownership is in the process of being sorted out, you will need to arrange a new mortgage in your own name. I presume from what you have said previously that there is no outstanding loan on the house and that your parents own it outright. Once the property is transferred into your name, you will need to look into the mortgage options. I would suggest that you go to an independent Mortgage Broker to search the market for you. If you will not be living at the property, this could affect the rate that you are offered.i.e. could it be considered a buy to let.

    Huckster

    • Post Points: 5

  •  Tue, Oct 20 2009, 12:29 PM

    Re: Can I get a mortgage on a house given to me?

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    Thanks for your quick response.

    Would that be a standard mortgage or a remortgage etc?
    • Post Points: 20

  •  Tue, Oct 20 2009, 12:15 PM

    Re: Can I get a mortgage on a house given to me?

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    If your parents have legally signed over the deeds to the property via a solicitor, then yes you can get a mortgage.
    • Post Points: 20

  •  Tue, Oct 20 2009, 12:10 PM

    Can I get a mortgage on a house given to me?

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    My parents want to make a gift of their house to me. They will continue to live in it but I will own the property outright. Under these circumstances could I get a mortgage against the house to pay off some debts?
    • Post Points: 20