Key issue:
Deposits
Case study:
Parental Help
Date:
2006-04-04
Mortgage amount:
General

Outcome

Cross securing an investment property in preference to cash gift

Detail

Parents wishing to assist with deposit may do so with cross securing an investment property .In case in question parents had limited cash resources ,their daughter had not saved the 8% deposit but cross securing the investment property was used as a vehicle to overcome the deposit requirement.Parental guarantee also required in case in question due to limited income of daughter. Parental main residence was not cross secured. Lenders happy to review cross security and parental guarantee in three years time.

 
Finance Company of Ireland is regulated by The Central Bank of Ireland. 2002-2009, All rights reserved.
Head office: 97 Malahide Road, Clontarf. Dublin 3
Also at Classon House ,Dundrum Business Park, Dundrum, Dublin 14.
Web Design by Ionic.