How I Can Get A Mortgage

[Dee59]

My daughter owns her own flat but would just break even if she sold it. She recently married and has a baby. She is currently on maternity leave but wants to return part time. Her husband had hit bad times before she met him and he had to declare himself bankrupt. They would like to move into a bigger property before my daughter returns to work partime. They both earn good money but the dilemma is their deposit. Does anyone have a advice they can offer?

[bednobs]

save up

[boxtops]

I don't understand the dilemma - you say they both earn good money, but your SIL has hit hard times (from which I thought you meant he was in financial difficulties) and your daughter's cutting her income. I'd suggest they go to their bank if they seriously want all the expense of a move at this time when their finances are stretched - but as bednobs says, most people have to save up for things they want. Your heading says "how can I get a mortgage" - why would you want one, it's their flat?

[Dee59]

I was thinking perhaps I could help them? SIL made mistake in past but everyone deserves a second chance and it would be good if they could get on with their life together. They are saving but will only be able to get mortgage on daughter's income unless pay 25% deposit. Sorry if I sound like a pain thought would be sound place for advice as care about my daughter and SIL

[ubasses]

if you mean you want to get a mortgage on your property to release equity to give them a deposit, you will need to go and see your mortgage Company. To meet criteria you would need to have enough equity, be able to meet the monthly repayments and have it repaid by retirement age. However if you would need your daughter to repay you that may cause problems in her affording that.

[boxtops]

Payday loans are the last thing I'd recommend, the interest rate can be huge.