What does the term inter-generational mortgage mean to you? If youre not up to date, then read on for more information on this revolutionary move.
It seems that there is a distinct possibility that lifetime interest only mortgages, which we could pass on down the family, may be the answer to a lot of home buying problems and worries.
The way the scheme works is the borrower takes out an interest only mortgage. This means that your monthly repayments are for interest only and no part of the original sum borrowed is repaid. Monthly interest payments are appreciably lower than that of a repayment mortgage. If you borrow 100,000 the saving on repayments could be around 130 per month.
A major feature of the scheme is that it means that your children will be able to inherit your home and very much reduce the dreaded inheritance tax.
In the event of your death the mortgage could pass on to your children, or other beneficiary.
On your death the mortgage passes on to your children, who have the choice of either continuing the mortgage payments and moving into the house or selling the home and repaying the loan. They could choose to live in the...
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