Parent gifts money to buy house. I pay back at mortgage rate I pay to the bank.

rickbwfc

Great reply. I totally understand what you are suggesting.

Thanks everyone for their input, definatley thought provoking stuff.

Thanks again!

System

Just to add, Yorkshire Building Society offer an Offset Plus feature on all their offset mortgages.

In this, your parents open their OWN savings account with YBS and it links to your mortgage. So basically they never actually give you a penny as its their account. They can add or withdraw money from it whenever they want(you also have your own offset account).
A great tax efficient way to save in the current financial climate and sounds like it would suit you perfectly:money:

AlwaysLearnin

That must have been the one I was thinking of!

System

AlwaysLearnin wrote: »

That must have been the one I was thinking of!

Yes, sorry on reading your post again I think you just about got there:)

AlwaysLearnin

Not meant aggressively, more relief I had actually recalled correctly.

Thanks