Hi,
I'm looking at ways of supplementing the folks disposable income. They are retired but don't have a substantial private pension.
I want to avoid (if possible) the LIfeloan or SHIP options.
Could I borrow Eur 46k interest only and gift it to the folks?
Would a bank lend me this money? I assume I shouldn't disclose what it's for?
Could I get this over a term of say 20 years? I'd like to keep it seperate from my own mortgage.
As far as I know, they wouldn't have a tax liability if I gifted them 46k. I think this is the treshold.
Any advice would be appreciated.
I'm looking at ways of supplementing the folks disposable income. They are retired but don't have a substantial private pension.
I want to avoid (if possible) the LIfeloan or SHIP options.
Could I borrow Eur 46k interest only and gift it to the folks?
Would a bank lend me this money? I assume I shouldn't disclose what it's for?
Could I get this over a term of say 20 years? I'd like to keep it seperate from my own mortgage.
As far as I know, they wouldn't have a tax liability if I gifted them 46k. I think this is the treshold.
Any advice would be appreciated.