To make the introduction short, my father is a man in his late 60's who has been self employed for the majority of his career. The last recession was not kind to him and as a result he is still working and has a mortgage of I believe 100k against the family home. The house has a valuation of maybe six or seven times that figure. My parents are wanting to stay in their current house they have been in for over 25 years. They have therefore asked myself and my siblings if they can borrow a mortgage in our names to pay off the one that is due.
I want to help them, but feel this will jeopardize me if I want to go for a mortgage to purchase my own home in future. Am I right to have these concerns?
I want to help them, but feel this will jeopardize me if I want to go for a mortgage to purchase my own home in future. Am I right to have these concerns?