Getting a mortgage on a property to repay parents

greendc

Registered User
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If I bought a property with cash would I be able to get a mortgage on it to repay a loan from the parents? It would be a percentage of the value of the house, say 15% or so (50 grand).
 
Maybe you better off getting a personal loan or a credit union loan for the relatively small amount involved.
 
Banks seem reluctant to lend money on a house with no mortgage. But Pepper would probably do it.

Why not apply for the mortgage now when you are buying the house?

Or alternatively, keep the loan from the parents and repay it as quickly as you can.

Brendan
 
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