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A personal loan after being accepted for mortgage.
Comments
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FWIW, I got money from my mother to buy my house along with a letter that said it was a gift. And I've paid it all back to her.
Provided there is trust in your family, they can give you a gift now to buy the house and you can give them a reciprocal gift in future, even if you have to take out a loan to fund that gift. What they can't do it put any enforceable conditions on the gift which would turn it into a loan. That is where you get into the realms of fraud.0 -
Chill out guys. As long as his mum is willing to confirm it's a gift then it's happy days on first buyer street.0
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one reason you don't want extra debt is the first year of a morgage can prove tough if you have borrowed near your limit. extra borrowing can make it really hard to live with in your means.0
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