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Lend a Hand /family boost mirtgages

(5 Posts)
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sarahcyn Fri 04-Oct-19 11:23:32

I’d like to know if anyone here has helped a family member buy their own place with one of these mortgages. What was the experience like - what restrictions were there? Woild you recommend it?

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sarahcyn Fri 04-Oct-19 11:24:00

Er I meant to type mortgages

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jura2 Fri 04-Oct-19 11:28:18

A link would be helpful sarahcyn- do you have concrete example of such 'special' mortgages?

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jusnoneed Fri 04-Oct-19 14:25:14

I did notice they charge higher rates of interest for the mortgage, I suppose to offset the interest they pay on the savings returned to family member who helps.

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eilyann Tue 19-Nov-19 14:01:27

We did this for DD3 and SIL. Ours was with Barclays. Very straightforward, after 3 years of them paying promptly, we got our savings back with interest. Slightly less than if we had left it where it was but it was worth it to us to see them get a foot on the property ladder.

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