Dear Lincoln,
I'm assuming that your concern is that if this is considered your "first property", you will only be able to secure 60% financing for the next property you may wish to buy.
One way to have avoided this would have been for your name to be added as guarantor rather than borrower in the mortgage of your parents' property. Not all banks currently allow mortgages to be structured in this manner, but I know of a few.
Let me know if you require assistance reviewing your mortgage documents, there are potential solutions to your issue depending on the terms of the loan agreement. I have experience in mortgage structuring prior to becoming a real estate agent and would be happy to be of help.
Warmest regards,
Natasha Goh
LL.B(NUS) Hons
Sales Manager (SRI5000)
CEA Reg No. R045004B
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