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Buying a house without a mortgage?
hayleybailey_2
Posts: 1 Newbie
I'm currently renting and the house owner has said we can buy the house for x amount, we have already been offered the same amount from someone for us to be able to buy without a mortgage, we will be paying them the money back a set amount a month but it will be interest free also we can pay a larger amount per month in future to pay it off quicker if we wish too. Is this a good idea? We are first time buyers so don't have any idea about buying a house any help would be appreciated 
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Comments
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Interest free loan from a friend or family member.....what could go wrong??
As long as you both use solicitors, state and agree the repayment terms and the other party lives for at least 7 years then you will very few issues, as long as you keep up the repayments until settled of course.
If it were me lending you the money I would want to put a charge on the property as soon as you bought it."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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