credit union loan by parents for me to purchase council house

[jamieb]

My parents want to help me buy my council home. The cost is 82 000 I got a 33 percent discount - I do have 3k arreas to be cleared also which is 85k . Now I can not get a mortgage - My parents could probably give me 30k of this and they have a lot of money in shares in the credit union. We were wondering if the cu would lend them 60k over a ten year period (they are both in their 70s) and they own their house and have a great credit rating. If they got the loan and I have looked at a few calculators it would work out about 700 per month and I would be paying this back with the help of my son. Im just trying to find a way and time is running out - I have 3 weeks! Or if anyone can suggest something better as I am not very good with financial things.

Many Thanks
J

 

[reddanmm]

Hi Jamieb have you not approached your local authority for a loan to buy the house . If you are in arrears already i suspect you would be refused anyway .

If you could not pay your rent how do you expect to pay 700 a month, you are chasing an unrealistic goal it would be madness to go down this road .
You cannot rely on your son to keep up these repayments, and it is very unfair on your parents to be put in that position.
There is nothing wrong with renting i would suggest you stop scrambling to find this money and concentrate on paying your arrears then in a few years apply to the local authority for a loan .

 

[Slim]

My parents want to help me buy my council home. The cost is 82 000 I got a 33 percent discount - I do have 3k arreas to be cleared also which is 85k . Now I can not get a mortgage - My parents could probably give me 30k of this and they have a lot of money in shares in the credit union. We were wondering if the cu would lend them 60k over a ten year period (they are both in their 70s) and they own their house and have a great credit rating. If they got the loan and I have looked at a few calculators it would work out about 700 per month..

Aside from whether or not you should try to buy the house and I understand your desire to do so, your parents are in their 70s and credit unions are limited in how many loans they can isue over a ten year period. Also, would their pensions support a loan costing €700 pm. Your parents would have to sign a health declaration to have the loan insured by the CU. If you are at any stage unable to pay back the loan, your parents will get the arrears letters etc from the credit union.