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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11154
Experience:  30 years as a practising solicitor.
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I was planning to take out a lifetime mortgage in 4 years to

Resolved Question:

I was planning to take out a lifetime mortgage in 4 years to clear the existing interest only mortgage on my property in Scotland. However, my sons have said that they would like to help me refinance the property by perhaps adding their names to the title deeds, or offering my lender their personal guarantees to extend the existing mortgage for a further 6 years so that the mortgage could be repaid 10 years from now. Is that possible?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

Yes, it is possible stop there are various lenders who will look at this type of situation and if your sons are prepared to take on the mortgage for you or with you there should be no reason why this would not be a satisfactory answer.

You will have to discuss with a financial advisor the best available mortgage product for the family. Obviously the type of mortgage and the amount which can be borrowed will depend on your sons' personal circumstances.

I hope this helps. Please leave a positive response so that I am credited for my time.
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