I am currently living with my grandad, he has 80k left on an interest only mortgage, half of which i am paying There is alot of work that needs doing on the house that my grandfather can not afford to do, i am happy to do the work, but don't want to lose any money i put in to the property. My grandad made a will about 5 years ago leaving the house to his kids, none of whom are willing to do the work on the house. My question is if my grandad was to put my name on the mortgage, what would happen if he was to die? Live in wales uk.
No, my grandad does not want to change will as it cost money. He wont talk seriously about him dieing , he just says he is not going to die. Ideal situation would be for me to get a mortgage and buy the house, i have not the deposit at the moment and my credit score is not great. Plus the work needs doing on the house now. I was hoping if my name was on the mortgage and he were to die, i would be able to keep paying the mortgage and live in the property. Even if he was to change the will, it is likley that the house would have to be sold to pay off the mortgage as it is in his name.
There is an option on the mortgage to add names, if my grandad was able to add my name to the mortgage does that mean i would be able to continue paying it and living there if he died?
Or would we not be able to do that unless we refinanced the mortgage?
I will rate you well.