Safeguarding capital

[Maidofperth]

I have recently sold my house and am renting a flat.
I would like to safeguard the money which is in five different bank accounts. If I give each of my two sons the money to almost pay off their mortgages and then when I do buy another property, ask them to repay the money, by increasing their morgages back to the original amounts, would there be any problems with this?
I'm thinking of arrangment fees, in particular.

[Ethel]

There will be arrangement fees and possibly penalties if the mortgages are fixed fee.

There is no guarantee they will be able to remortgage when you want the money back.

[bednobs]

and to protect your self you would have to have a legal contract - what if you fell out and they simply refused to pay you back? or (god forbid) one of them died and the widow could not arfford to remortgage?

[Maidofperth]

Thank you Ethel and bednobs
Your replies have made me think the whole thing again.
Thanks for the benefit of your knowledge. Great answers.
Maidof perth








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