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Thread: Can we add our son to our mortgage which is in negative equity to save our property

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  1. #1
    Junior Member
    Join Date
    Aug 2013

    Default Can we add our son to our mortgage which is in negative equity to save our property

    My wife and I bought a property in costa del sol in the boom times, the property is now worth approximately 250,000 euros and we owe 280,000 euros on the mortgage still, we are in our mid 60's and have only been allowed another 5 years by the lender to clear the mortgage, we cannot afford the repayments on this, we would like to keep the property for the family, is it possible to remortgage the property and add our son who is in his 40's to the mortgage, with the view to extending the number of years of the mortgage to 20 years so that it stays in the family name and the repayments will be less on it or will our son have to pay 7% tax to be added to the mortgage?

    any feedback would be much appreciated

  2. #2


    Hello Ireland123,

    You can certainly add your son to the mortgage. You can also, at the same time, extend the mortgage for a couple more years and negotiate new mortgage conditions.

    As soon as the bank authorizes such transaction, you will be able to calculate taxes and costs, that will depend on the new mortgage amount. These costs are normally Notary and Land Registry costs, plus stamp duty at 1.5%.

    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile


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