Mortgage Repayment (12 replies)
Me and the missis (not married) are buying a house together, offer accepted. From the proceeds of our house sales, which she already has completed, we are able to put down £60k each, for a total deposit of £120K.
I have £67K left on my mortgage and had a thought she could pay off my mortgage, we have a couple of months of no mortgage payments, when I complete my house sale the full deposit comes straight out of that and I give her £7k when finished.
Sounds win win to me. Save a bit of interest payments to the bank and should make the completion of my sale a bit easier.
Am wondering though if there any tax considerations with my missis paying off a chunk of the mortgage?
Appreciate I should ask a tax advisor but don’t know of any someone on here always knows something or someone!
Obliged.