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Best option for parents loaning money towards deposit?
CJS1234
Posts: 1 Newbie
My partner and I have saved up around £10k towards a house deposit, and are aiming to save another £8k in the next 6-12 months. We're aiming to save up £28k, which would be a 15% deposit on a £185k property. My parents have offered to contribute £10k towards our deposit as a loan. Is it possible for us to place their loan in an offsetting mortgage such as the Barclays Family Springboard Mortgage? Is there a better option?
Thanks in advance!
Thanks in advance!
0
Comments
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The Springboard arrangement is one option.
The other is to use a lender that is comfortable with the funds not being a gift.
Consult a good mortgage broker.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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