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private mortgage with seller (family member)
darren143
Posts: 1 Newbie
Hi All
Any help would be much appreciated.
i am looking at purchasing a property, after selling the one that we are in at the moment from a family member.
there is no mortgage left on the property in question and my question is, is it possible to arrange a private mortgage between myself and the family member to save giving the banks more money.
this is something that we are both keen on but just need to find the right way to do it and also to work out the benefits or negatives for both parties.
they are happy to come up with a monthly sum over a set period.
Any help or advice would be much appreciated as there is little i can find on the net.
Many thanks
Any help would be much appreciated.
i am looking at purchasing a property, after selling the one that we are in at the moment from a family member.
there is no mortgage left on the property in question and my question is, is it possible to arrange a private mortgage between myself and the family member to save giving the banks more money.
this is something that we are both keen on but just need to find the right way to do it and also to work out the benefits or negatives for both parties.
they are happy to come up with a monthly sum over a set period.
Any help or advice would be much appreciated as there is little i can find on the net.
Many thanks
0
Comments
-
Hi All
Any help would be much appreciated.
i am looking at purchasing a property, after selling the one that we are in at the moment from a family member.
there is no mortgage left on the property in question and my question is, is it possible to arrange a private mortgage between myself and the family member to save giving the banks more money.
this is something that we are both keen on but just need to find the right way to do it and also to work out the benefits or negatives for both parties.
they are happy to come up with a monthly sum over a set period.
Any help or advice would be much appreciated as there is little i can find on the net.
Many thanks
No legal reason why not. Just get a solicitor to draw up the necessary documents including mortgage agreement.
Just be very careful that a family member will be your mortgage company and ensure you are all happy with the terms of the loan, including what happens if you lose your job, get made bankrupt etc. Or if they could call in the loan etc
Your family member will need to declare the interest received on their tax return0
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