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Nationwide Family Deposit Mortgage
Skint_yet_Again
Posts: 9,020 Forumite
Anyone have any experience of this mortgage or similar?
I want to downsize & give my DS a deposit but it would be easier to sell if he & his girlfriend & the dog moved out first. I was considering taking a mortgage short term then selling once they have moved out.
I want to downsize & give my DS a deposit but it would be easier to sell if he & his girlfriend & the dog moved out first. I was considering taking a mortgage short term then selling once they have moved out.
Can anyone see a better way of doing this or can anyone foresee any problems (other than me not being able to sell & being stuck paying a bigger mortgage! )
❤️Mum 2018
0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House cash purchase completed FEB 2023 🥳🍾 & left work. 🤗
Retired at 55 & now living off the equity £10k a year
❤️Dad 2025
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House cash purchase completed FEB 2023 🥳🍾 & left work. 🤗
Retired at 55 & now living off the equity £10k a year
❤️Dad 2025
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
0
Comments
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@skint_yet_again Is the property currently mortgage free?
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1 -
Remortgage and take enough to cover the deposit, but consider a 1 year or no ERC mortgage, you don't want to get tied into a long fix with hefty ERCs.
Take additional borrowing with your current lender, to cover the deposit.
Have as long a mortgage term as you can to keep the costs down until you sell and downsize.
Mortgage started 2020, aiming to clear 31/12/2029.1 -
@K_S sorry for the delay in getting back to you. The mortgage is just under £30k & estate agent priced it at £290k. Hoping to sell for £280k❤️Mum 2018
0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House cash purchase completed FEB 2023 🥳🍾 & left work. 🤗
Retired at 55 & now living off the equity £10k a year
❤️Dad 2025
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10 -
@MovingForwards I already have my mortgage with nationwide. I believe this deal means DS & his gf would have to take out their mortgage with them too. Not sure if their mortgages are a good deal atm. Just wondered if anyone had any experience of taking one out.❤️Mum 2018
0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
House sale OCT 2022 = NOW MORTGAGE FREE 🤗
House cash purchase completed FEB 2023 🥳🍾 & left work. 🤗
Retired at 55 & now living off the equity £10k a year
❤️Dad 2025
Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1
Living off savings diary
https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p10
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