Buying Mum's Home As Our First House

sarah125

Hi,

Me and my boyfriend have been saving for a mortgage since about December now. We have £5,000 which is about half of what we wanted so we are doing well.

My mum recently put her house up on the market at £110,000 and moved to another. I know that the house is in sound condition and all it needs is a bit of redecorating (although it's not that important). It has everything me and my boyfriend wanted for our first home.

My mum has offered to give us £5,000 (as a gift and not to be repayed) when we reach £6,000 if we buy her house.

This will give us £1,100 which would be 10% of the £110,000 leaving us with £100,000 of a mortgage.

We are just wondering if there is any possibility we would be given this much by any bank. We have an appointment at the bank booked for next week but I just want to know roughly (as I'm impatient :rotfl:).
I make about £12,000 a year and my boyfriend about £15,000 plus extra in bonuses for my boyfriend. I would think we have a good credit rating (always paid off credit cards on time etc). We can show how much we've managed to save in a short period of time. Our outgoings at the moment are about £400 a month in total and the house we want to buy outgoings are about £500. Neither of us are big spenders and we know we can afford it, it just depends if the bank does.

How likely does everyone think it would be?

Thanks

GMS

It is almost 4 x income which on a 90% mortgage would require a squeaky clean credit rating.

Any credit commitments would most likely cause affordability issues.

Speak to your own bank initially to see what they think. Also try some lenders affordability calculators on line.

TrickyDicky101

Has your mother actually placed the property on the market? ie with an EA at £110k? Because nobody pays full asking (or rarely) which is essentially what you are being asked to do with a £5k vendor-gifted deposit. I think any mortgage provider would be unlikely to accept a £110k valuation in these circumstances, thus limiting your potential funding.

It's worth asking if your mother has a sole selling or sole agency agreement if with an EA, because she won't want to get stiffed with paying agency fees if selling to you.

Mrslangford

Hi,

I don't know if this is the right place but my partner who has the right to live in the UK (has been for nearly 12 years) but doesn't have a british passport, he applied for a mortgage on a flat, got all his debts cleared and his defaults only for the mortgage lenders to decline it after 6 months due to the fact that he doesn't have a British passport. Could someone advise on this as his solicitor is saying that after all the hassle and the money invested nothing can be done.

Any help would be really appreciated URGENTLY! We really need this flat before we get married and things are starting to get desperate!

Thanks,
Mrs Langford.

TrickyDicky101

Mrslangford wrote: »

Hi,

I don't know if this is the right place but my partner who has the right to live in the UK (has been for nearly 12 years) but doesn't have a british passport, he applied for a mortgage on a flat, got all his debts cleared and his defaults only for the mortgage lenders to decline it after 6 months due to the fact that he doesn't have a British passport. Could someone advise on this as his solicitor is saying that after all the hassle and the money invested nothing can be done.

Any help would be really appreciated URGENTLY! We really need this flat before we get married and things are starting to get desperate!

Thanks,
Mrs Langford.

Please start a new thread as this post isn't relevant to the original thread creator's question.

sarah125

Thanks everyone. Been to mortgage advisor now and they are prepared to give us that much.
The house was initially up for £115,000 then dropped to a fixed price of £110,000.