Selling using the Vendor Deposit Scheme

HereIam_3

Hi
My credit rating it not good at all due to rise in mortgage rate (arrears and late payments). I know I will not be able to re-mortgage. I really do not want to sell my home (a. will not be able to get a new mortgage b. it will not be easy for me to rent as I have 2 cats and 2 dogs). I am just bouncing a few ideas round my head and would welcome some feedback.
Would it somehow be possible to sell my house to a family member at a reduced price (she would actually move into the property once sold to her). She is a first time buyer and does not have a deposit and was looking at the ‘vendor deposit scheme mortgage’ to use as a deposit?
My mortgage is £180,000 houses in my street have sold for £230,000+.

thenorthernmortgagemonkey

Yes - check out the halifax vendor gifted deposit scheme.

Ian_Griffiths_Halifax

If it is close family such as selling to Parents, Brothers, Sisters, or Children then there are more lenders who would do this mortgage subject to income being sufficient.

If it's a cousin, etc then they are pretty much stuck with the Halifax. I've been looking for others that would accept the Vendor Paid Deposit or Cashback on Completion but most who would accept it will now only lend 95% of the Net figure meaning the buyer still needs a deposit.