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Can we help our parents move home?

Posted on 2 April 2013 by Wasiq


My parents would like to purchase a house for £300,000, but will only have £200,00 to fund this once they have sold their currrent house. Their four children would like to know, is it possible for us in conjunction with our parents to get a mortgage for £100,000 to help fund the purchase. The four children would be equally responsible for making the payments on the mortgage.

Wasiq,

The only issue here maybe the number of applicants, as most lender cap this at four. So we could look to do the mortgage in your parents name, with two of your siblings, or in all the childrens names, with your parents having an interest in the property. 

If you'd like to have an initial discussion with a consultant to explain in more detail how this could work, then please let me know and I'll arrange a convenient time for you to do so.

Regards,

Simon

simon.collins@johncharcol.co.uk

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