Parents want me to help pay mortgage so I can buy the house (UK)

Hi guys, I'm currently stuck in renting hell and will be until atleast 2019 because of my crappy credit. My parents are also in a predicament that they will not have their mortgage paid off within 7 years and will have to sell the home. They suggested that I move back home with my girlfriend and child ( and another on the way )

Their idea is that if I help pay off the mortgage that they can sell the house to me in 7 years for £60k. It's a very nice home and they have talked about converting our garage into a granny flat that they will continue to live in. Whats everyones opinions on this idea? Is it viable? I trust my parents 100% so their is no ill intent or greed involved as it helps out both parties.

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