My situtation is this:-
My mum is re-locating from the west to Dublin. Has purchased a house for 510 and expects to get roughly 340 for her own.
There are 4 children. We propose to borrow the difference - 160k which will take in fees, stamp duty etc. in order for mum to be able to do this. This loan will be interest only.
Mum being independant wishes to repay this loan asap and so far the over "60's seniors money" seems like an option. This will enable her to repay roughly 100k of the loan leaving us with much smaller repayments.
Can anyone advise if this is the best way or are there alternatives we have missed?
This is quite imminent so all help would be appreciated. I'm kindof driving this for the family.
Thanks
Kitten
My mum is re-locating from the west to Dublin. Has purchased a house for 510 and expects to get roughly 340 for her own.
There are 4 children. We propose to borrow the difference - 160k which will take in fees, stamp duty etc. in order for mum to be able to do this. This loan will be interest only.
Mum being independant wishes to repay this loan asap and so far the over "60's seniors money" seems like an option. This will enable her to repay roughly 100k of the loan leaving us with much smaller repayments.
Can anyone advise if this is the best way or are there alternatives we have missed?
This is quite imminent so all help would be appreciated. I'm kindof driving this for the family.
Thanks
Kitten