Hi All
This is my first post, I have read the forum for a while now and would really appreciate some advice. I will be coming to the end of a 5 year fixed rate repayment mortgage soon.
I bought the house in 2008 as an investment as I am in the Armed Forces and at the time my parents were looking for somewhere to live. Due to my guarenteed income I based my repayments on what I could afford without any rental income, and I have never received any income in terms of rent.
I have never missed a payment and my monthly repayment should reduce significantly at the end of my current deal. My real question is:
If my parents make any form of monetary contribution do I require a Buy to Let mortgage. I am not looking for any loop holes, I just want to do the right thing and not leave myself open to any kind of repercussions for my ineptitude.
Many Thanks
This is my first post, I have read the forum for a while now and would really appreciate some advice. I will be coming to the end of a 5 year fixed rate repayment mortgage soon.
I bought the house in 2008 as an investment as I am in the Armed Forces and at the time my parents were looking for somewhere to live. Due to my guarenteed income I based my repayments on what I could afford without any rental income, and I have never received any income in terms of rent.
I have never missed a payment and my monthly repayment should reduce significantly at the end of my current deal. My real question is:
If my parents make any form of monetary contribution do I require a Buy to Let mortgage. I am not looking for any loop holes, I just want to do the right thing and not leave myself open to any kind of repercussions for my ineptitude.
Many Thanks