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First time buyer

mestew · 2011-04-17 12:31:34

I am looking for a bit of advice on this, The basic outline is that i am looking at buying my mum's house from her, she will be selling under market value, so will only need to take out a 70-80% mortgage on the house value. The problem is i dont have the capital yet to put down as a deposit, will the reduced selling price…

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GMS Posts: 5,388 Forumite

17 April 2011 at 10:04PM

Call any prospective lender first and check the scenario. I have had a similar case recently and found many lenders unwilling to allow the seller (a parent) as a continuing resident.

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