Private Mortgage

Undecided12

My son and fiance want to buy a house for £320000

They have saved £20000

They cannot afford the mortgage repayments on a normal commercial mortgage.

So I have suggested that I lend them £300000 to buy a house in the form of a mortgage with the £300000 mortgage being repayable at £1000 a month for 25 years. I would take a charge over the house, so that the mortgage is secured in the normal way on the house.

I want to help them and in order to keep the mortgage repayments down so that they can afford them, I will not be charging interest on the mortgage, hence the £1000 per month

25 x 12 = 300 x £1000 = £300000

I am worried about what happens if they split up

I don't want to be financing a mortgage free of interest in this situation

My question is

Can I include a clause in the mortgage agreement saying that at any time I can give notice after which time the outstanding mortgage must be repaid to me in full?

Would this stand up in court?

Or would it be deemed an unreasonable clause?

Any other comments or observations?

Thanks

Nebulous2

Also posted here with some responses:-



https://forums.moneysavingexpert.com/discussion/5846035/family-loan-question