Beth's mum and dad Jason, 46, and Kathleen, 49, have put their savings down as a security deposit against their daughter's mortgageBeth, a part-time care assistant, and her machine operator partner, opted for the second option after her parents offered to stump up the cash.
But their mortgage repayments are still over £100 cheaper than what they were paying to rent a three-bed house in Coalville.What’s your house like and how long have you lived there?The house is on what’s called a corner plot so it’s at the end of a road and next to it is a field.or call 0207 78 24516.Inside it’s open plan and so much bigger than the three-bed place we were renting before.
We were struggling to save while renting a house for £650 a month with a young family - we were trying but it just wasn’t happening for us. My parents wanted to help us with their savings but they were also worried about just gifting it to us as we couldn’t guarantee when we’d be able to pay the whole lot back.
This means that the guarantor is at risk of losing their savings or having their home repossessed if the buyers miss a payment or fall into negative equity. This may make it difficult for you to remortgage or financially impossible for you to sell your home. They can withdraw their money after the three years is up and we’re free to remortgage with another lender like normal.
It means instead of repaying £470 a month, we’re actually paying back £539. Over a year that’s an extra £828.
So their deposit is actually their parents house. Stop with these stupid stories man!