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Paying my dad for a loan he paid off for me...
it'smeok
Posts: 19 Forumite
Hi all
I'm not sure if this is the right forum for this question but see what you think.
I took out a loan to pay for a postgraduate course a few years ago - it was 0% interest for the duration of the course (and a couple of months afterwards) and after that went up to some massive rate.
My dad offered to take out a cheaper loan which I could use to pay off my course loan. I am now paying him approx. £180 per month, to repay the loan he took out.
I'll be looking to take out a mortgage in 2018 all being well, and just wondered if this arrangement is likely to cause any problems/comment with a lender, and/or if there is anything I can/should do instead?
Many thanks
xx
I'm not sure if this is the right forum for this question but see what you think.
I took out a loan to pay for a postgraduate course a few years ago - it was 0% interest for the duration of the course (and a couple of months afterwards) and after that went up to some massive rate.
My dad offered to take out a cheaper loan which I could use to pay off my course loan. I am now paying him approx. £180 per month, to repay the loan he took out.
I'll be looking to take out a mortgage in 2018 all being well, and just wondered if this arrangement is likely to cause any problems/comment with a lender, and/or if there is anything I can/should do instead?
Many thanks
xx
0
Comments
-
It's a debt that will be factored into your affordability.
See a broker to see what sort of impact it may have on your application.0 -
They'll want to know you're incoming and outgoing payments most likely so you'll need to declare/justify the reason you're paying a fixed amount each month to a particular payee0
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