First time buyer

Hardlife91

Hello,

I have a bit of a problem myself an my mother cannot figure out.

We are looking into getting me my first house. She has offered to either give me the money to buy the house outright or just the deposit.

The money being used is for her retirement and I will have to pay it back to her over 15 years.

The house costs 90k.

What would the better situation for both people be....

She gives me the deposit of 10k and I pay her a small amount back each month on top of the mortgage whilst she sticks her money in a savings account or pension fund.

She pays for the house In mine and her name and I pay her back a 0% loan type set up over 15 years?

The only other complication is that my girlfriend will also be paying towards the house, so If we were to split up I would have to pay her half of what we have paid off.

Any suggestions are good suggestions!

Kind regards,

HL

R_P_W

So she would be loaning you a deposit not giving it to you? Do you have any savings of your own? Lenders won't like the loaned deposit

dimbo61

Option 3 !!!!
You take out an offset mortgage with YBS.
Mum gifts you say 10% and you and your G/f come up with the other 5% and once you have the mortgage up and running Mum opens an offset account in her name but linked to your mortgage.
Check out Friends and family on the YBS website.
This way if you and your G/F split she is only getting 50/50% of what you and her put in ( ignoring the 10% gifted deposit from Mum)
If Mum needs HER money from the offset she can either call in at the local branch or get a card to withdraw money.
She earns no interest but pays no tax
You save thousands in interest payments.
When you make a mortgage payment Mum takes the same amount out each month and puts it into ISA,s or regular savers IF 100% offset
Simples really