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

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Comments

  • rickbwfc
    rickbwfc Posts: 9 Forumite
    Great reply. I totally understand what you are suggesting.

    Thanks everyone for their input, definatley thought provoking stuff.

    Thanks again!
  • System
    System Posts: 178,224 Community Admin
    10,000 Posts Photogenic Name Dropper
    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:
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • That must have been the one I was thinking of!
  • System
    System Posts: 178,224 Community Admin
    10,000 Posts Photogenic Name Dropper
    That must have been the one I was thinking of!

    Yes, sorry on reading your post again I think you just about got there:)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Not meant aggressively, more relief I had actually recalled correctly. :D

    Thanks
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