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Family Gift Mortgage

cooper001
cooper001 Posts: 1 Newbie
in Mortgages & endowments
Hello,

My mum is moving out with her boyfriend and we have agreed to buy the house from her. I've been to Lloyds TSB and they've given us the offer of a mortgage that we get as a family gift so we don't pay a deposit.

My question is does anyone know of anywhere else that offers this type of mortgage?

Thanks

Chris

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    cooper001 wrote: »
    Hello,

    My mum is moving out with her boyfriend and we have agreed to buy the house from her. I've been to Lloyds TSB and they've given us the offer of a mortgage that we get as a family gift so we don't pay a deposit.

    My question is does anyone know of anywhere else that offers this type of mortgage?

    Thanks

    Chris

    Most lenders will be happy with this situation due to being a close family sale.

    Speak to a 'Whole of Market' broker to get an idea of the products available.
    I 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.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    A family gifted deposit will be accepted by most - assuming you fit the other lending criteria of the chosen lender.

    Be careful, as some lenders will want to see you put some funds towards the deposit as well.
    I 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.
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