Buying a house with a deposit from dad but mortgage in my name

C17ope

What ways are there for me to help parents buy a house.   They have seen a house for £97,500 and we want to put £58,000 ( from a sale of their property as dad caught Covid and can’t work full time. He is 60yrs old).  I am looking to get a mortgage or loan for the £37,500.  And they will pay me back via cash and also being able to look after my baby while I work..    Me and my husband have our own property with a £60,000 mortgage on it and the property value is around £145,000. 

What options do we have..?
what would the best way to be able to do this.? 

Thanks for your comments. 

K_S

C17ope said:

What ways are there for me to help parents buy a house.   They have seen a house for £97,500 and we want to put £58,000 ( from a sale of their property as dad caught Covid and can’t work full time. He is 60yrs old).  I am looking to get a mortgage or loan for the £37,500.  And they will pay me back via cash and also being able to look after my baby while I work..    Me and my husband have our own property with a £60,000 mortgage on it and the property value is around £145,000. 

What options do we have..?
what would the best way to be able to do this.? 

Thanks for your comments. 

@c17ope There are plenty of ways to do it, all with their own pros and cons. Given that the shortfall is only 37k, one of the more straighforward options to consider might be to take out a further advance or a capital raise remortgage on your residential property to release 37k (taking your mortgage up to about 67% LTV), put it together with the 58k and buy the house outright.

C17ope

Thanks KS 

what other options do we have please..?    It’s a bit of a mind field once you start looking..

Browntoa

The reply is best advice .

Take the straightforward route they suggested