Asked by: Tapha Bamio
asked in category: General Last Updated: 10th June, 2020

Can a family member pay off my mortgage?

If someone you care for is falling behind on their mortgage or if you simply want to give them a gift that will last a lifetime, it is possible to pay for their mortgage. You can put down a large payment on the mortgage, either anonymously or not, or you can put someone else's mortgage into your name.

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Accordingly, can my parents pay off my mortgage?

Also, keep in mind that if paying off the mortgage includes tax deductible interest and your parents pay it directly then unless their name is on the mortgage, they cannot deduct it since they are not legally obligated to pay it and you cannot deduct it because you did not pay it.

Also Know, can a joint mortgage be transferred to one person? Transferring a mortgage to another person requires a process known as a Transfer of Equity, which can be applied to an existing mortgage or as part of a remortgage, and is commonly used in the following circumstances: Removing a partner from a mortgage, switching from a joint mortgage to a single mortgage.

Also to know is, what happens when you finish paying your mortgage?

When you pay your mortgage loan in full, the lender should cancel and return the mortgage promissory note you signed when you took out the loan. You may also receive the canceled trust deed, which secured your loan with title to your house, and which conveys the home to a lender if the borrower defaults.

Can someone else pay off my mortgage UK?

Paying off someone else's mortgage - or any other debt - won't give you an automatic right to their assets unless you make a special legal arrangement. One way to get the £40,000 back, plus their share of the inheritance, is to put a "second legal charge" on the property.

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