Those sixty somethings, who, paid around £12,000 for a first home in the 1970s, might now be living out their later years in a property worth considerably more but even if you are sitting on a fortune in property it is difficult as a grandparent to see a grandchild paying often as much as half their wages if not more on a not so salubrious dwelling. With this mind, the new One Family mortgage allows grandparents to secure a mortgage against the value of their own property for the first time home of a grandchild, with the younger lender paying the instalments. Not many other details have been released about these ‘you-and-your-gran’ deals, but they might really work for some families.
One might need to accept that, if granny was going to risk her security to help you get a mortgage, she might want answers to these questions: how you’d be treating the house once you owned it and who would be living there? How will you pay the monthly instalments especially if you don’t want to take that dull job because you’re determined to follow your dreams? But when needs must it might be a way of bring a family closer Enable’s IFA’s can help you look at all your mortgage options.
Source: The Independent
ssued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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