This is an usual query, but desperate times call for desperate measures. I am 38, married, and caught in the loop of paying extremely high rent, and so despite our joint incomes, its taking forever to save a deposit for a mortgage. We are getting along in age, (me 38 husband 40) but yet feel we cannot start a family right now as it would both stunt our savings even further and possibly limit our borrowing power if we have dependents. We do not qualify for the help to buy scheme as many moons ago I owned a property with an ex partner.
My parents are anxious to help as we are going nowhere fast and are very insecure in terms of renting. They are both retired, with good public servant pensions. They are property rich but do not have cash to hand to "gift" us towards a deposit. They own 2 properties, mortgage free. They currently spread their time between these 2 properties. My parents do not live in the same county as us, so moving home to save is not an option. However, they are wondering if there is a possibility a bank would allow them to purchase another property, using one of their mortgage free properties as collateral? They would then rent the property to me, so at least we have security in terms of where we live, and the ideal scenario is that we would continue to save until we have the deposit, and then purchase the property from them.
Does this sound mad? At this stage we are just trying to find a solution. Technically the big issue is myself and my husband need a 20% mortgage deposit. This would mean savings of over 50k ... try saving that when paying €1400 + per month on rent - it just seems endless, and as stated above, if we want to start a family our savings will progress even slower.
My parents are anxious to help as we are going nowhere fast and are very insecure in terms of renting. They are both retired, with good public servant pensions. They are property rich but do not have cash to hand to "gift" us towards a deposit. They own 2 properties, mortgage free. They currently spread their time between these 2 properties. My parents do not live in the same county as us, so moving home to save is not an option. However, they are wondering if there is a possibility a bank would allow them to purchase another property, using one of their mortgage free properties as collateral? They would then rent the property to me, so at least we have security in terms of where we live, and the ideal scenario is that we would continue to save until we have the deposit, and then purchase the property from them.
Does this sound mad? At this stage we are just trying to find a solution. Technically the big issue is myself and my husband need a 20% mortgage deposit. This would mean savings of over 50k ... try saving that when paying €1400 + per month on rent - it just seems endless, and as stated above, if we want to start a family our savings will progress even slower.
