Need advice - FTB mortgage but want to buy off my parents!

FeeFee

Hi
I'm hoping that someone here can offer me some advice. 3 years ago during a messy divorce my parents helped me to buy a house. (30% deposit mine) The deeds are in their name, I have been paying alll equivalent mortgage costs and all other bills, taxes, charges etc..
Now that I am free to take on ownership and want to get a mortgage to pay them back their equity.
This is proving difficult as I have been told that I have to proof of deposit b=to qualify for the mortgage even though 'their' equity is 70%...
is there another way around this?
Thanks

herbiesjp

Is the mortgage in their name also?

What is the property value?
What is the outstanding mortgage?

Do you have any other debts?

What is your income?

If it is all in their name, and you are buying off them, they can gift you the necessary deposit during the sale - if the figures allow for it

FeeFee

Hi herbiesjp
Thanks for responding to my post.
The house is worth approx £182K, and is in my mums name. There is no mortgage, I want to return my parents cash to them. They live in Ireland.
I earn 42K and have c.£4K in CC and OD debt. I hope to get a mortgage for about £135- £140K.
Can you offer any further advice? L&C advised that the lender would expect to see evidence of the balance of the property value in savings in my name before agreeing to lend???

Many Thanks