Loan from parents

[Rob2016]

Am considering accepting a loan from parents to buy a property(approx €300,000) lived abroad and home recently in employment but won't qualify yet for mortgage. Am in a position to pay back €100,000 over approx four years, interest rate will apply. In approx four years time, plan is- in permanent employment, apply for mortgage of €200,000 to repay loan to parents. Property will be in my name. Spoke to friend in PTSB, said I would not get mortgage to repay loan to parents.
Scenario-in four years time, permanent employment, good salary, currently approx €70,000, property in my name worth hopefully €300,000, looking for mortgage of €200,000 to repay parents.
Would banks give me a mortgage in this scenario??
Any info appreciated

 

[sadie]

Is it just you on your own? Or have you a spouse and kids?
Why do you want such an expensive property, and why do you want it so quickly?
This deal sounds very bad for your parents. The house is in your name but they have paid for it.
Sounds like they can't afford to give you the full 300k.
If property prices fall, you may not be able to raise a mortgage for the amount owed to your parents, and that's only one of a number of things that could go badly wrong and your parents may not get their money back without selling the house again.

 

[Gordon Gekko]

A bank is unlikely to do that.

It might work better if they buy the house.

A bank would probably lend you the money to buy them out in four years time.

The assumption is that this transaction doesn't jeopardise their financial wellbeing.