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Equity release for deposit or joint mortgage with retired parent (homeowner)
lowmak
Posts: 4 Newbie
Hi All,
I was hoping for some advice. My father in law had originally said that he would very kindly release £150,000 through equity release as a gifted deposit for us. I have a poor credit history (discharged bankrupt in 2007) and my wife is not working but according to our broker, our current files are in good enough shape for around a mortgage of £250,000 - £300,000.
LM
However, things seem to have changed a little as following some advice, my father in law is considering a joint mortgage (he completely owns his property). I have precisely zero experience with this and I was wondering if anyone out there knew what it entailed. I have read through articles on "tenants in common" but was hoping someone with a bit more knowledge might help! Would equity release still be a better bet?
Thank you for any help!
I was hoping for some advice. My father in law had originally said that he would very kindly release £150,000 through equity release as a gifted deposit for us. I have a poor credit history (discharged bankrupt in 2007) and my wife is not working but according to our broker, our current files are in good enough shape for around a mortgage of £250,000 - £300,000.
LM
However, things seem to have changed a little as following some advice, my father in law is considering a joint mortgage (he completely owns his property). I have precisely zero experience with this and I was wondering if anyone out there knew what it entailed. I have read through articles on "tenants in common" but was hoping someone with a bit more knowledge might help! Would equity release still be a better bet?
Thank you for any help!
0
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