Take over of a mortgage

[oldsally]

A few years ago we purchased a property on an interest only mortgage which one of our children has been living in and paying rent equal to the mortgage repayments. She is now running her own business from home and wishes to get on the property ladder, can she take over the mortgage?

[dzug]

If you are willing to give (or sell) her the house, or at least a share of it, then yes, it is possible. She will have to meet the lender's requirements as to income, etc.

[Ethel]

Her name will have to be on the Deeds or Registered Title - she cannot have a mortgage on property that she does not have at least a legal interest in as the mortgage will be secured on the property.