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First time buyer buying house off parents at discounted rate
dixon1983
Posts: 13 Forumite
Hi,
Me and my partner are currently living rent free in a house owned by her parents.
The house was purchased for £135k and is now worth approx £140k.
We are going to buy the house off them next year at a discounted rate of £120k. As this is less than the value of the house could we get a mortgage for £120k and say the deposit of £15k-£20k is a gift from the parents? How do we go about this or are there other paths we should follow? My main query is do we need a deposit in this instance??
Thanks for any help.
Me and my partner are currently living rent free in a house owned by her parents.
The house was purchased for £135k and is now worth approx £140k.
We are going to buy the house off them next year at a discounted rate of £120k. As this is less than the value of the house could we get a mortgage for £120k and say the deposit of £15k-£20k is a gift from the parents? How do we go about this or are there other paths we should follow? My main query is do we need a deposit in this instance??
Thanks for any help.
0
Comments
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Yes this can be done very simply with most high street lendersI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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