Parent buying house for child to buy back

Beardmidget

Oh- the only other potentially sticky wicket might be if your deposit was, say, £20k, and the house £200k, and you believed the calculators online and thought you were good for a £180k mortgage. When the time comes you go to the local broker who can only get you a £140k mortgage because you dared to eat in the local KFC in January, and once you needed to pay for a new exhaust on your car- so you’re obviously a high roller and they need to reduce your lending to affordability accordingly.

Would be worth discussing with your parents what their expectations would be/ what would happen in this scenario.

travelephant

Thanks Beardmidget, that is a great amount of insight.
We're safe on your sticky wicket: none of the involved parties eat KFC. We have two scenarios in our budget (which is yet to be tested because this is all coming with other big changes in circumstances), and because of the uncertainty we wouldn't be bidding for more than we could comfortably afford in our worst case scenario. Hopefully that gives us safety. In all our planning we've been very clear that there is a big difference between being able to afford a certain mortgage, and the bank agreeing to lend it.

We of course have no intent to default, and the relationship I have with my parents is as good as you can get. I'm very lucky when it comes to family.