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Private mortgage
pdc95
Posts: 13 Forumite
Hi
I wish to providethe funds for a private interest only mortgage to enable my daughter to trade up her house.
What steps do I need to take.
Pete
I wish to providethe funds for a private interest only mortgage to enable my daughter to trade up her house.
What steps do I need to take.
Pete
0
Comments
-
Will you want a charge on the house or not?
A mortgage company will want first charge.
A simple loan may be the easy option as long as you trust them to pay you back.
See a solicitor if you want a charge on the property and/or a formal loan agreement.0 -
Yes I will want a charge on the house and there will be no other mortgage.
Will the charge prevent the sale of the property without my agreement or repayment of the loan ?.0 -
the charge will see that you are repaid first in line in the event of a sale0
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