Best option for joint purchase with older parents?

paraic84

Hi there,
I am looking to buy my first property jointly with my parents. They are not gifting me the property; we would like to contractually split it. They would put down half of the value in cash and I would put down some further cash but I would need a small mortgage on the remainder. I would pay them a small amount each month as ‘rent’ on their share (although if this complicates things they are prepared to potentially forgo this). Ideally I would want a mortgage length of approx. 20 years.

I was wondering if people had advice about the best way of me acquiring a mortgage. I am a bit nervous that if we get a joint mortgage we would be limited by mortgage length as they are near retirement. Would one option be for them to gift me the deposit cash and then I sign a contract gifting them a proportionate part of the property? It’s not ideal from their perspective but we would be happy exploring that if it’s a good option.

Also, is one option cheaper in terms of mortgage rate than others?

Any views to help point me in the right direction of options would be much appreciated J

Apologies if a similar query has been posted before. I tried searching but I couldn’t find a similar issue.