Private Mortgage, Help needed please

pampam

I am helping my grand daughter to purchase her 1st home.

My solicitor is doing the legal documentation for me but I need some kind of spread sheet for the payments/interest.

I want a sheet that will record the payments, calculate the interest and show the balance remaining.

I am hoping that when her salary increases in the future she can get a mortgage from a broker and then pay me back.

If anyone can help I would very much appreciate it.

Please PM me if you need more details on figures.

Thanks
pam

tyllwyd

I think what you need is a mortgage amortisation schedule.

There is a good one at whatsthecost.com - go to the mortgage page, fill in the box with APR, amount borrowed and term, and get it to calculate the monthly payment. If you then click the 'details' button, it will show you the interest/capital/balance remaining per month for the mortgage.

poppysarah

And what if she can't pay you any money back at some point? What happens then?

What happens if someone moves into the house with her and she leaves it through fear? etc etc

pampam

tyllwyd wrote: »

I think what you need is a mortgage amortisation schedule.

There is a good one at whatsthecost.com - go to the mortgage page, fill in the box with APR, amount borrowed and term, and get it to calculate the monthly payment. If you then click the 'details' button, it will show you the interest/capital/balance remaining per month for the mortgage.

Thank you so much
That is exactly what I needed and so easy to use.
Kind regards
pam

pampam

poppysarah wrote: »

And what if she can't pay you any money back at some point? What happens then?

What happens if someone moves into the house with her and she leaves it through fear? etc etc

Thank you for your comments.
My solicitor is dealing with these sort of possibilities in the contract.