Help

fairmorn308

Tell me what you think to this?

I 1st got a mortgage 4yrs ago but due to being so young and crap wage was struggling to pay back it so my dad took over the complete mortgage now in his name. He put down a 5k deposit on it and now renting it out and making a bit from it each month after mortgage has been paid.

What i was thinking was giving him 5k of which he put down on the place and i try and get the mortgage transfered back into my name to get on the property ladder as this is going to be my only chance until another 5yrs at least.

What do you think to the idea? What was thinking was leave it another 12months to get a bit of cash behind me 1st then go ahead with it cause i know already the property is worth 25k more than the buying price was.

chriz1000

If you can afford it mate go for it, your dad would have to be happy with the situation though as obviously he would be losing money on the property. It’s the kind of deal you could only do with close family.

fairmorn308

well my dad doesnt really need to have it in a way as he has other property.

He is ok to go ahead with it. But think due to my credit history i think he would still have to stay on the mortgage as a garuantor ( sp) But i have got 3times bigger salary now since last time and also have savings.