Reimburse family member from mortgage? PTSB

Z

Zanatoo

Registered User
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11
We're in the process of buying a house, we're sale agreed on the one we're buying and the one we're selling.

We have mortgage approval in principal from PTSB (and others) through a broker.

The problem is the new house (Receiver sale) wants the contracts signed NOW and has threatened to go to the next bid who are cash buyers.

My Dad has offered to lend us all the money to complete the sale.

My broker tells me he has gone back to PTSB and had our AIP amended to allow for this but I'm nervous!! We've to pay €60k on Monday.

Has anyone done anything like this or heard of this before?
 
I'm assuming this means a contract with no mortgage clause.

The problem is for the dad. He's paying for something he won't own and which you might change your mind on. Or might blame him if a) property prices collapse b) that he forced you into a bad purchase c) that the mortgage does not come thru ................. d) mortgage is higher than you expected

I'd want a contract from you stating you know what you are doing and wont blame him for your decisions.
 
I'm not worried about any of the above.

RedOnion said:
An AIP is worthless.
Click to expand...
This is what I'm worried about. What if the bank change their mind?

I'm just wondering if anyone else has gone down this road and what was their experience?
 
Have you engaged a solicitor?
It's likely they will strongly advise you not to pay the binding deposit until you are in a position to complete.
 
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