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Property gifting


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Good morning , 

 

Hello my name is Brighton Nembaware , my question is about gifting a property , my parents have a property valued at 390k with a mortgage value of 130k left on , is it possible for me to take out a  mortgage to payoff the existing mortage and have a new one in my name.  Also how would that property affect me buying a secound personal mortgage 

 

Kind regards

Brighton Nembaware  
 

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Hi Brighton, 

 

My question to you would be are your parents still be living in the property when you complete the mortgage? Where will you be living? 

 

What you are asking is possible but lenders are limited, however if you are taking your parents mortgage on for them to remain living in the property, this would be taken in to account when assessing your affordability for a second mortgage. 

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