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Relying on family for income support if you fall into difficulty – the questions you need to ask yourself AND your family if you don’t have insurance in place

If you are considering relying on family for income support if you fall into difficulty, there are several important questions that you should ask yourself and your family members before making a decision.
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Questions to ask yourself: 

 

Can you realistically expect your family to provide financial support? 

How long do you expect the support to last? 

How will this affect your relationship with your family? 

Are there any other options available to you, such as government assistance or borrowing from a bank? 

What are the terms and conditions of any family loan, and how will you pay it back? 

 

Questions to ask your family: 

 

Are they willing and able to provide financial support? 

How much can they realistically provide? 

What are the terms and conditions of the loan, and how will you pay it back? 

Are there any conditions attached to the loan, such as interest or a repayment schedule? 

How will this affect your relationship and their financial situation? 

 

It is important to be realistic about the amount of support that your family can provide and to have open and honest discussions about the terms of any loan and how it will be repaid. It is also important to consider the potential impact on your relationship with your family members.  

 

We would recommend reviewing your insurance with a mortgage and protection adviser to ensure you have adequate insurance in place 

 

At The Mortgage Branch, we are here to help you secure the most suitable mortgage for you, whatever your situation.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT 

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