Hi
Any guidance gratefully received on my 2 questions!
We have paid our mortgage off on our current home (lots of scrimping & saving) and are considering trading up. Our house is on the market and are bidding on a property at the moment. We are fortunate that our parents are willing to provide us with an interest free loan to purchase our next home.
Q1) We have mortgage approval for €200k which is what we need (to refurbish the new property), but what are the implications if we decide not to avail of the mortgage and take it from my parents instead? We'd plan to pay them back @1200 a month (for the next 2 years or so) and then up it to €2500 when my wife goes back to work.
Q2) Also, even if we decide to take a mortgage with EBS, we may still avail of a "interest
free bridging loan' from my parents until our house is sold.
Appreciate all responses (and any recommendations for solicitors / architects / builders!)
Thanks
Any guidance gratefully received on my 2 questions!
We have paid our mortgage off on our current home (lots of scrimping & saving) and are considering trading up. Our house is on the market and are bidding on a property at the moment. We are fortunate that our parents are willing to provide us with an interest free loan to purchase our next home.
Q1) We have mortgage approval for €200k which is what we need (to refurbish the new property), but what are the implications if we decide not to avail of the mortgage and take it from my parents instead? We'd plan to pay them back @1200 a month (for the next 2 years or so) and then up it to €2500 when my wife goes back to work.
Q2) Also, even if we decide to take a mortgage with EBS, we may still avail of a "interest
free bridging loan' from my parents until our house is sold.
Appreciate all responses (and any recommendations for solicitors / architects / builders!)
Thanks