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Mortgage interview and debt to family
Celesse
Posts: 13 Forumite
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Comments
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If you are asked for the outstanding balance then you will need to provide the information.
Just answer any question fully and accurately.0 -
Unless your parents decide it's a gift now, there is no way of sugarcoating it.
Are they charging you interest?
The lender will more than likely deduct the £20k (and prob more) from what they will lend you. Was in a similar boat, despite my then husband guaranteeing money coming from the sale of his flat to clear his debt. Not all lenders are the same though so will have different lending criteria. What we paid each month was irrelevant as far as the debt was concerned, they wanted the final total of debt.
Would suggest seeing an all of market broker (not one from the EA) rather than going direct to lender (presuming that's what you meant).
Good luck. Let us know how it goes as handy for anyone finding the thread in the future!
Jx2024 wins: *must start comping again!*0 -
So we were completely up front about the debt and took along the contract we signed with my parents. As the payments are flexible and my parents would allow a payment breaks as and when needed he didn't count it as a normal debt but just made a note of it elsewhere. He wasn't worried about the outstanding outcome since the debt is wiped off by my parents death if we don't manage to pay it back (its just taken off our inheritance). So best possible outcome for us.0
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You owe your parents the thick end of £20k, to pay debts off... and yet you've got a 5% (minimum) deposit to buy a property?0
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