Thanks!

I have considered the second alternative (with the second mortgage over 25 years), ideally, the loan documents for the second mortgage would provide that there is no interest payable and the principal can be repaid in lump sum or instalments at the borrower’s discretion. I need to contact my bank to make sure they will agree to a second mortgage being on title. I appreciate that one would try to get as good a bargain as possible, especially with a motivated vendor etc, but have you had experience where you managed to push through a no interest repayment type scenario?

With the first alternative, WRAPPING! We have always tossed up this one, but have not entered into one yet. With Wrapping, the property does not transfer to you I presume, until after the final instalment is paid? I presume land tax and stamp duty is not payable until final instalment? How about responsibility for the property ? What sort of interest rate repayment would you try for, if he doesn’t agree with nil?