Hi all,
Myself and wife current have a tracker mortgage with Ulsterbank. Her parents have spare money to invest and they came up with the idea that we could take a mortgage with Parent instead of with bank at lower interest rate than provided by the bank. In theory help both of us!
1. Any gotcha in this situation?
1a. Would this be considered a gift, and subject to inheritance tax!
2. Would parent have to declar this as income?
3. Should the deeds be kept by parents?
4. Is there a good spreadsheet like Karl's Calculator that we could use to track the payments and any extra repayments?
5. Is there a way to account for inflation? Just make Interest higher than Inflation rate!!
Many thanks
pan
Myself and wife current have a tracker mortgage with Ulsterbank. Her parents have spare money to invest and they came up with the idea that we could take a mortgage with Parent instead of with bank at lower interest rate than provided by the bank. In theory help both of us!
1. Any gotcha in this situation?
1a. Would this be considered a gift, and subject to inheritance tax!
2. Would parent have to declar this as income?
3. Should the deeds be kept by parents?
4. Is there a good spreadsheet like Karl's Calculator that we could use to track the payments and any extra repayments?
5. Is there a way to account for inflation? Just make Interest higher than Inflation rate!!
Many thanks
pan
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