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- Mar 15, 2015
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I have 57k left on my mortgage. House valued probably about 140k. I want to sell it to my son for 57k. I've heard that this might be viewed as trying to evade inheritance tax and I might have to look into something called Gift of Equity.
There's a few things I'll need to research but if anyone in here knows anything I would be grateful
Firstly this Gift of Equity.. Is it likely to restrict who he can get a mortgage from? Any complications likely?
2 - his credit rating isn't wonderful. Had a DMP in 2016 which was paid off with a lump sum in 2018. He is debt free but one other thing is a tax credit overpayment which went to a DCA because his ex hadn't informed tax credits about change of circumstances and then didn't tell him about tax credits chasing the overpayment. He is paying this off with instalments and there's about 260 left.
We have had a very quick look on the Which website and it seems there are some lenders who will accept poor credit.
The LTV... let's just say its valued at 130k instead of 140.. He wants to borrow about 75 k as there's quite a bit of work. Nothing which would be a concern for a mortgage provider. Just replace central heating etc
Any advice welcome
There's a few things I'll need to research but if anyone in here knows anything I would be grateful
Firstly this Gift of Equity.. Is it likely to restrict who he can get a mortgage from? Any complications likely?
2 - his credit rating isn't wonderful. Had a DMP in 2016 which was paid off with a lump sum in 2018. He is debt free but one other thing is a tax credit overpayment which went to a DCA because his ex hadn't informed tax credits about change of circumstances and then didn't tell him about tax credits chasing the overpayment. He is paying this off with instalments and there's about 260 left.
We have had a very quick look on the Which website and it seems there are some lenders who will accept poor credit.
The LTV... let's just say its valued at 130k instead of 140.. He wants to borrow about 75 k as there's quite a bit of work. Nothing which would be a concern for a mortgage provider. Just replace central heating etc
Any advice welcome