Ask a Family Law Question, Get an Answer ASAP!
Good morning and thank you for the question.
I appreciate that is is important that you find a resolution as soon as possible.
Please bear in mind though that this is an email service and not live chat and therefore I may not respond immediately.
Please note that our discussions on this site are for general information purposes and do not create an lawyer-client relationship. It is always recommended that you consult with a local solicitor for specific legal information. You may receive a phone call request which is from the site, not me, and you may choose to ignore this request.
I'm reviewing your question and will revert back to you shortly. Please do not wait on line for a response, you will receive an email notification from JustAnswer to tell you that I have sent a reply.
Please be patient with me as I am generally assisting multiple customers at once! Thank you.
It sounds like the mortgage company have assessed that the max she can borrow on her income is £35k. If she adds the loan repayment to her expenditure, it's likely to affect the amount that they will lend her.
I would say that your last suggestion is a sensible one, namely that:
"if I delay her starting to make repayments until after she has secured her mortgage and have a verbal agreement to that effect with her, can I state in the letter that the £10k is also a gift as it would be at the time of her mortgage application. After all, circumstances change. It can be that there is no intention to ask her to repay the loan at the time of her applying for the mortgage, so that would be truthful. However both parties, my daughter and myself could decide, post the mortgage being agreed and implemented, that she will now, at some point repay the loan."
A further alternative could be to release £50k equity but have a verbal agreement that your daughter repay £10k back to you at a certain date in the future, could it not?
Thank you again for visiting JustAnswer, please do let me know if you have any additional questions in the future. I am also happy to answer any new questions on other topics that you may have, you can request me by putting “for PLCLEGAL” at the start of the new thread. Best wishes, Peter