Hello,
I have a bit of a problem myself an my mother cannot figure out.
We are looking into getting me my first house. She has offered to either give me the money to buy the house outright or just the deposit.
The money being used is for her retirement and I will have to pay it back to her over 15 years.
The house costs 90k.
What would the better situation for both people be....
She gives me the deposit of 10k and I pay her a small amount back each month on top of the mortgage whilst she sticks her money in a savings account or pension fund.
She pays for the house In mine and her name and I pay her back a 0% loan type set up over 15 years?
The only other complication is that my girlfriend will also be paying towards the house, so If we were to split up I would have to pay her half of what we have paid off.
Any suggestions are good suggestions!
Kind regards,
HL
I have a bit of a problem myself an my mother cannot figure out.
We are looking into getting me my first house. She has offered to either give me the money to buy the house outright or just the deposit.
The money being used is for her retirement and I will have to pay it back to her over 15 years.
The house costs 90k.
What would the better situation for both people be....
She gives me the deposit of 10k and I pay her a small amount back each month on top of the mortgage whilst she sticks her money in a savings account or pension fund.
She pays for the house In mine and her name and I pay her back a 0% loan type set up over 15 years?
The only other complication is that my girlfriend will also be paying towards the house, so If we were to split up I would have to pay her half of what we have paid off.
Any suggestions are good suggestions!
Kind regards,
HL