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Parents help options on first time buy
8yf13l8
Posts: 7 Forumite
Hi thanks for reading.
My parents have 100k cash and looking to invest in to some kind of property, but too old to get a new mortgage and want to put the money in to something asap.
I am 33 and looking in to a first time buy on a property, but have no deposit.
Is there options out there that could benefit the both of us?
They are reluctant to give us the equivalent deposit amount as a gift, as I am one of four siblings, and this would not be deemed fair for the others, also I am the only sibling currently in a affordable position to get a mortgage based on may salary and credit score etc. Based on this, is there any options where we both could have a stake in a property secured by some kind of trust/legal documents?
Any advice is greatly appreciated.
I can guess the answer, but just thought I would double check.
Or if there is other ways of doing it let me know, as we are not very savvy on these things.
Regards
Jay
My parents have 100k cash and looking to invest in to some kind of property, but too old to get a new mortgage and want to put the money in to something asap.
I am 33 and looking in to a first time buy on a property, but have no deposit.
Is there options out there that could benefit the both of us?
They are reluctant to give us the equivalent deposit amount as a gift, as I am one of four siblings, and this would not be deemed fair for the others, also I am the only sibling currently in a affordable position to get a mortgage based on may salary and credit score etc. Based on this, is there any options where we both could have a stake in a property secured by some kind of trust/legal documents?
Any advice is greatly appreciated.
I can guess the answer, but just thought I would double check.
Or if there is other ways of doing it let me know, as we are not very savvy on these things.
Regards
Jay
0
Comments
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They lend you the deposit and take a second charge over the property to secure it. A few lenders allow this and most brokers will know who to approach.I am a mortgage broker. 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.2
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