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Mortgage
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The plot thickens!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Nah i wont be borrowing money from my in laws in Kenya anymore, too much confusion so sticking to my parents who are in uk! lol
So to sum up i guess once a money is gifted to my in mortgage i cant pay them back. thanks for that will need to have to look at this now.0 -
sundeep1984 wrote: »But the loan factor will be between me and my parents? Can i not give the money back to them as gift at later date?
I doesn't matter who its with, if it has monthly payments, or any expectation to pay it back, its a loan.
If you want to gift them a load of money some time in the future go right ahead, but if you're making monthly "gifts" back to them its a loan.
It needs to be declared as a loan, and the monthly repayments need to be taken into account in your affordability assessment.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I didn't have intentions to pay back monthly, maybe lump sum later on in life like 5-10 years(just a rough number)0
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When in a hole - stop digging.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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