first time buyer needs help!!!

kdk31

My partners mother and fiance are due to be married later in the year, they have two properties. the fiances is currently up for sale for £100,000. They have offered to sell us the property for £20,000, on the condition that we remortgage in 5-7 years for another £70,000 so they can pay off the mortgage on the other property when they retire. So they are essentially going to sell us the house £10,000 cheaper. Unfortunatley we were in the process of paying of loans and saving in the hope that in five years we would be debt clear and have a deposit to buy ourselves. At the moment to clear our debts and get the £20,000 we would have to get a mortgage for £30,000, we dont have that much saved at the moment ,also both parties are aware that they would have to sign the house over to us for £20,000 and a legal agreement will be reached for the deal in 5-7 yrs. Can anyone offer me advice on this situation I feel that its an offer to good to pass by?

happybroker

if it's on the market for £100k and isn't selling then it's probably too expensive anyway.

It's very kind of them to offer this but I think it may be a little misguided (with all the best will in the world).

There is more than one way to skin a cat however and gifted family deposits is one of these ways. Contact a good whole of market broker who will be able to sit down with you all and go through your options.