First Time Buyer

CuddleMonster_2

Hello there im looking for a bit of advice if possible

I currently earn £15,000 a year with outgoings on car finance at £117 over 3.5years

Will Be Living by myself
Credit Rating According to Experian is Fair to Good
Age 24

Value Of Property Looking to Buy 90k-100k Approx
The Property is currently owned by a member of my family

Total Mortgage needed 53K

Basicly the family member will be gifting me the rest of the value of the property over 53K which is in the region of 37k-47k, would the banks just turn there nose up at me be cause i have no actual depoit and am being gifted a percentage of the property or would it look juicy enough for them to give me a mortgage over say 25years

thank you in advance for any advice

GMS

The deposit should be acceptable to some lenders as a 'gifted deposit'. Family member may be required to move out of the property though.

Best to speak to a 'Whole of Market' broker on this one as there are lenders who will not do this and any applications to these would be a waste of time and effort.

Affordability would need to be checked to ensure lender would accept.

herbiesjp

Some lenders will want to see you putting some actually figures down.

However there are lenders that will agree this.

As long as they do not retain any ownership/charge on the property, and there is no requirement to pay back the gift or interest on it - you could do this, as long as you meet lending criteria.

CLAPTON

CuddleMonster wrote: »

Hello there im looking for a bit of advice if possible

I currently earn £15,000 a year with outgoings on car finance at £117 over 3.5years

Will Be Living by myself
Credit Rating According to Experian is Fair to Good
Age 24

Value Of Property Looking to Buy 90k-100k Approx
The Property is currently owned by a member of my family

Total Mortgage needed 53K

Basicly the family member will be gifting me the rest of the value of the property over 53K which is in the region of 37k-47k, would the banks just turn there nose up at me be cause i have no actual depoit and am being gifted a percentage of the property or would it look juicy enough for them to give me a mortgage over say 25years

thank you in advance for any advice

you earn 15k and have few outgoings... why do you have a loan and no savings?
how will you pay the bills for the house?
best to work out a proper budget to see if you can really afford the mortgage payments and bills before committing yourself

CloudCuckooLand

Family member may have to worry about CGT, deprivation of assets, IHT, and other issues...