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Buying a House
slim75
Posts: 5 Forumite
Hi guys,
I'm new here , so please be gentle with me
My parents have generously lent me the money to buy my first home outright, but I will need to take a mortgage out to pay back about 40% of the full cost to them. Being new to all this, do I just go for a first time buyer mortgage, or do I need to take a special kind of mortgage/loan for a house that I now fully own?
All suggestions appreciated.
Slim75
I'm new here , so please be gentle with me
My parents have generously lent me the money to buy my first home outright, but I will need to take a mortgage out to pay back about 40% of the full cost to them. Being new to all this, do I just go for a first time buyer mortgage, or do I need to take a special kind of mortgage/loan for a house that I now fully own?
All suggestions appreciated.
Slim75
0
Comments
-
Why can't your parents gift you the deposit and you take out a mortgage for the balance?
Seems a bit more straightforward than the plan you have in mind.0 -
Thanks for the quick response bitterandtwisted.
I already share a house with my girlfriend (in her name) but we're still about a month away from being ready to put this house on the market.
The plan was to put down a deposit using the equity freed from the sale of this house and rest being from a mortgage - but a house we've fallen in love with has come up and my parents have offered to buy it for us.
The house will probably sell quickly too, as we regard it as a steal in the current climate!!
Just would like to know the best way to pay back my parents
cheers
slim750
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