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  • FIRST POST
    • Celesse
    • By Celesse 14th Mar 17, 9:58 PM
    • 14Posts
    • 4Thanks
    Celesse
    Mortgage interview and debt to family
    • #1
    • 14th Mar 17, 9:58 PM
    Mortgage interview and debt to family 14th Mar 17 at 9:58 PM
    ...............
    Last edited by Celesse; 23-04-2018 at 10:09 AM.
Page 1
    • xylophone
    • By xylophone 14th Mar 17, 10:47 PM
    • 25,187 Posts
    • 14,834 Thanks
    xylophone
    • #2
    • 14th Mar 17, 10:47 PM
    • #2
    • 14th Mar 17, 10:47 PM
    If you are asked for the outstanding balance then you will need to provide the information.

    Just answer any question fully and accurately.
    • hazyjo
    • By hazyjo 14th Mar 17, 11:44 PM
    • 10,353 Posts
    • 13,417 Thanks
    hazyjo
    • #3
    • 14th Mar 17, 11:44 PM
    • #3
    • 14th Mar 17, 11:44 PM
    Unless your parents decide it's a gift now, there is no way of sugarcoating it.

    Are they charging you interest?

    The lender will more than likely deduct the 20k (and prob more) from what they will lend you. Was in a similar boat, despite my then husband guaranteeing money coming from the sale of his flat to clear his debt. Not all lenders are the same though so will have different lending criteria. What we paid each month was irrelevant as far as the debt was concerned, they wanted the final total of debt.

    Would suggest seeing an all of market broker (not one from the EA) rather than going direct to lender (presuming that's what you meant).

    Good luck. Let us know how it goes as handy for anyone finding the thread in the future!

    Jx
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Celesse
    • By Celesse 15th Mar 17, 9:03 PM
    • 14 Posts
    • 4 Thanks
    Celesse
    • #4
    • 15th Mar 17, 9:03 PM
    • #4
    • 15th Mar 17, 9:03 PM
    So we were completely up front about the debt and took along the contract we signed with my parents. As the payments are flexible and my parents would allow a payment breaks as and when needed he didn't count it as a normal debt but just made a note of it elsewhere. He wasn't worried about the outstanding outcome since the debt is wiped off by my parents death if we don't manage to pay it back (its just taken off our inheritance). So best possible outcome for us.
    • AdrianC
    • By AdrianC 15th Mar 17, 9:09 PM
    • 17,204 Posts
    • 15,515 Thanks
    AdrianC
    • #5
    • 15th Mar 17, 9:09 PM
    • #5
    • 15th Mar 17, 9:09 PM
    You owe your parents the thick end of 20k, to pay debts off... and yet you've got a 5% (minimum) deposit to buy a property?
    • Celesse
    • By Celesse 15th Mar 17, 9:17 PM
    • 14 Posts
    • 4 Thanks
    Celesse
    • #6
    • 15th Mar 17, 9:17 PM
    • #6
    • 15th Mar 17, 9:17 PM
    .........................
    Last edited by Celesse; 23-04-2018 at 10:10 AM.
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