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Parental guidance recommended

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Your Investment Property | 05 Dec 2012, 12:00 AM Agree 0
My girlfriend’s parents want to buy an investment property, which we will live in and rent from them for the time being. In the future, we would take over the mortgage from them and pay off the remainder of the loan. I was wondering, are we able to take over the mortgage from them easily, or are there tax implications to think about?
  • aryastark | 15 Feb 2013, 11:18 AM Agree 0
    Thanks for this article. My boyfriend and I spent a long time talking about how to handle a mortgage in Hamilton, and whether or not we would be willing to rent from parents. This is a great article to think about, thanks!
  • Eos Property | 16 Feb 2013, 11:12 AM Agree 0
    I assume you are both looking to your parents for assistance to get into the property market and this is the strategy you are leaning towards. Is this correct?

    If so, have you spoken to a broker about the possibility of parents setting up a line of credit secured by their own home and then using this money as your deposit? They may also be required to provide some sort of guarantee.

    Now the strategy is not without risks and you should seek good legal & financial advice before launching into something like this but it may be an option you hadn't considered.
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