Halifax family boost mortgage advice

emilyew95

Hi all,

I am looking to take out a Halifax family boost mortgage where my father will put 10% of a property price into a savings account to offset me paying a deposit. We have been informed my father will need to take legal advice to ensure he fully understands the process, and before signing a Legal Charge over the savings account.

Has anyone done the legal advice process before in relation to this particular mortgage? I'm looking to get an idea of costs and timescales.

Also, does anyone know if this HAS to be done, or is just recommended? Seems crazy we may have to pay hundreds just to say he knows the risks.

Thanks

Whats_your_forte

Independent Legal Advice. Most decent solicitors can do this and prices can be from £50 to £250. However, doing something similar at the moment and we struggled to find someone local still trying to do this. Most firms didn't want the work/liability

And yes, it will be a condition of the mortgage to protect him

emilyew95

Whats_your_forte said:

Independent Legal Advice. Most decent solicitors can do this and prices can be from £50 to £250. However, doing something similar at the moment and we struggled to find someone local still trying to do this. Most firms didn't want the work/liability

And yes, it will be a condition of the mortgage to protect him

Great stuff thanks. Halifax is currently offering £300 cashback towards the legal advice for him on completion, so we were worried it would be extortionate.

kezn

Hi just wondering if you managed to find anymore information regarding this? There isn't much information about this mortgage! 

Thrugelmir

kezn said:

Hi just wondering if you managed to find anymore information regarding this? There isn't much information about this mortgage! 

https://www.halifax.co.uk/mortgages/family-boost/?gclid=CNmeq8y37-gCFZKgGwodTPECTg