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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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I am taking out a mortgage with my son who lives with me. the

Customer Question

I am taking out a mortgage with my son who lives with me. the mortgage is on the property I currently own in my name mortgage fee. I am unsure what % i should split the tenants in common ownership . I have a younger son of 15. as it stands at the moment my will states that they should inherit in equal shares but obviously that has to change in case i die before the mortgage is paid off!! should I retain 99% and my son the other 1% or transfer 49% to him and retain 51% . I want to make it as simple as possible and also make sure there are no tax implications for my elder son. the property value is £185000 and the mortgage is for £36000
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
May I ask what the mortgage monies will be used for?
Clare
Customer: replied 3 years ago.

yes. some will be used for home improvements and some to pay off debts

Expert:  Clare replied 3 years ago.
Hi
How much extra will you borrow?
Clare