Paying off parents mortgage

[Majorgoodwinschickenbeatstrump]

Without going into the ins and outs of how, is there a way of paying off someone's mortgage secretly? I would like to pay off my parents mortgage but know if I ask them they would say no- it would bring me more happiness than anything to do this. So my question is to anyone who knows about finance/mortgages, is there a way to do this secretly so they don't find out until it is too late? I have no information to go on at the moment without digging!

I can't help you but I think this is lovely.

Presumably you just need to know who they bank with. Account number may help too.

Can you intercept a statement?

If you know who they bank with make an appt to see an advisor and go from there.

Please don't go behind their backs. It is a lovely thought, but it may upset them terribly that you can do it and they can't. Why don't you pay for other things instead, new car, lovely holiday - things they would never do for themselves.

We did this and also 'bought' a bit of the house to release equity for them. We did it through solicitor and it wasn't complicated. We sold it as a sensible investment rather than a gift. We'll eventually get back our 50k plus appropriate interest when house is sold. Meantime they have funds to enjoy life without it going to a high interest equity release company. Win win.

Eek I agree with frenchfancy it may please you more than anything but they may hate it. Please think it through before you do it.

Yes the point about it pleasing me not them is a very good one, I'd not thought of it that way. I will have a word with my grandma and get her opinion first I think. I can trust her not to tell them. I've not had anyone to ask in real life (I'm a single parent so no partner to bounce off ideas) who I can trust 100% outside of the family to discuss my finances with so thank you for everyone who has given me some ideas here the irony is the people I trust 100% are my parents so anything money related I would normally ask their advice first so this is a hard one!

And crumbs- great thinking, might sell the idea more easily

Buying a bit of their house it ridiculous.

If you already own a house then there is 2nd home stamp duty plus capital gains tax on any appreciation when you sell it back to them or when they die and it is sold.

I assume you have no siblings, going by what you say?

It's worked for us Amberdilly. Our account thought it a good idea - we won't be selling it back to them (they're in their 80s). Appreciation far outweighs the tax and we won't be paying the stamp duty. We won't pay capital gains either as we have bought it rather than had it gifted. You don't pay capital,gains on things you buy.
It also means, if they were to need care they won't lose all the house for fees.

I do but without going into detail they will never earn anything. I will be making sure they are looked after one day so not a typical sibling dynamic.

They may have redemption penalties.

Lovely thought! You sound fab.

Thank you. I'm just indebted to them in general they are fantastic. The world of mortgages is a new one to me so I'm very unsure about everything to be honest as Ive never had one myself so don't even have the basics.

What a lovely thoughtful thing to do..

Crumbs what do you mean "you don't pay capital gains on things you buy"? Of course you pay capital gains on assets you buy...

If they need care and the house is in their name all that money would be taken by ss to pay for it. You need to get financial advice and take steps to protect your investment.

If there is an indenture on house that means it can't be taken for care home fees. Since we'll be getting back what we put in there will only be tax on appreciation of our part of house that is over our allowance - so won't be a huge bill.

Do you own your own home already OP?

You pay capital gains on things you sell lolly..........feel free to correct me

Op what a lovely thing to do! I would just ring the mortgage arm of their bank and explain the situation and see what they advise

Quitelikely I know, I was asking Crumbs why they said upthread you don't.