Hi MSE Forum-ers,
Long time reader, first time poster.
My parents now need a little financial help. They would provide an 80% deposit and I would pay the remainder through a mortgage. Deeds would be in my name.
I can afford the payments (would be 40% of my savings per month, after all commitments and discretionary spending, could boost to 33% if that made a real difference [25% max])
My questions are.
1) What product am I looking for? (its not a mortgage for my primary home)
2) How do I find out the affordability criteria?
My mortgage is at a great SVR and I don't want to negotiate (we pay the pre-SVR amount which is where some of the savings would come from)
Thanks for you ideas,
Jo C
Long time reader, first time poster.
My parents now need a little financial help. They would provide an 80% deposit and I would pay the remainder through a mortgage. Deeds would be in my name.
I can afford the payments (would be 40% of my savings per month, after all commitments and discretionary spending, could boost to 33% if that made a real difference [25% max])
My questions are.
1) What product am I looking for? (its not a mortgage for my primary home)
2) How do I find out the affordability criteria?
My mortgage is at a great SVR and I don't want to negotiate (we pay the pre-SVR amount which is where some of the savings would come from)
Thanks for you ideas,
Jo C