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Remortgage- queried payment to familyc
Mamai
Posts: 40 Forumite
Currently remortgaging as my term is up.
i send £150 to my parents every month to pay off a sofa they lent me money for. They’ve queried what this standing order is for. I’m worried about saying it’s to pay off a small debt that way. Would it be better to say it’s for childcare that they do for me (I have paid them similar amounts for that in the past?)
i send £150 to my parents every month to pay off a sofa they lent me money for. They’ve queried what this standing order is for. I’m worried about saying it’s to pay off a small debt that way. Would it be better to say it’s for childcare that they do for me (I have paid them similar amounts for that in the past?)
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Comments
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Why not be honest? Just say it's money to your parents. If they question further then just be truthful. My opinion only, of course.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Brie said:Why not be honest? Just say it's money to your parents.Well, essentially it's a loan and monthly payments affect affordability.That said, I don't advocate being dishonest, but it's probably worth having some formal agreement with parents - with smaller or absolutely flexible monthly payments - and keep making voluntary 'overpayments'.0
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A fair assumption would be that if your parents are the sort willing and able to loan you money for household purchases, they would accept a pause on repayments if the alternative was that you couldn’t afford your monthly mortgage repayment. So the repayments don’t really need to be considered in an affordability calculation.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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How long is left on the loan?
Who is the lender?
Honesty is generally the best policy, but if affordability is tight then it could become a problem.I am a Mortgage AdviserYou 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.1
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