first time buying.. advice needed

dutluk2001

My dads planning on selling or renting his house and im struggling to get a deposit to get my own home, i want to buy my dads house off him and he doesnt mind this.

he has around 40% of the value left to pay, and would be willing to lend me the deposit to buy it off him. but dont no how to do it?

or is it possible to carrying on paying the mortgage for him and make it so its shared ownership?



any advice appreciated.
thanks

dutluk2001

Me and me girlfriend earn enough so that's nothing to worry about it's just that initial deposit as we haven't been saving, and recently found out we have a baby on the way so want are own place for that reason and we don't have that much time to save.

mostlycheerful

“or is it possible to carrying on paying the mortgage for him and make it so its shared ownership?”

You could pay your dad’s current mortgage but the terms of his mortgage will probably preclude him from entering into an agreement with you regarding the ownership.

So to do a shared ownership you and your dad may need to apply for a new mortgage together.

If your dad’s credit is sufficient then, if he and you want to or need to, he may be able to guarantee you for some or all of the amount you want to raise in your name on a mortgage.

So perhaps the next steps are to do some research of mortgage providers via the net and perhaps also over the phone to see what’s available. And ask your dad to talk to his current provider to see if they can supply what you want. Then either use them or look elsewhere.

Hope this helps. Good luck.

LilacPixie

Or if your dad wanted to rent it out anyway could you not just live there, pay his mortgage and save for deposit to buy him out at a later date.