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BUYING Dads House

MOLLYC
MOLLYC Posts: 3 Newbie
in House buying, renting & selling
My father recently passed away and I am being given the chance to buy his home.

Property has been been valued at 72000 but family will sell it to me for 64000, i also have £6K deposit.

My husband and I have some debt and are on a joint income of £37K.

How do lenders feel about debt and first time buyers.

Thanks

Mol

Comments

  • martindow
    martindow Posts: 10,695 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Aren't the executors expected to get the best price they can? I'm not sure they should be knowingly selling below market value.
  • hcb42
    hcb42 Posts: 5,962 Forumite
    edited 18 May 2011 at 10:34AM
    martindow wrote: »
    Aren't the executors expected to get the best price they can? I'm not sure they should be knowingly selling below market value.

    It was her father's house, and if the other beneficiaries agree, what's the problem. Market value could mean anything at the moment!
  • hcb42
    hcb42 Posts: 5,962 Forumite
    MOLLYC wrote: »
    My father recently passed away and I am being given the chance to buy his home.

    Property has been been valued at 72000 but family will sell it to me for 64000, i also have £6K deposit.

    My husband and I have some debt and are on a joint income of £37K.

    How do lenders feel about debt and first time buyers.

    Thanks

    Mol
    sorry about your Father.

    With regard to debt, it will depend on affordability criteria. You are not borrowing a lot compared to income, so that's a plus, but it will ultimately depend on how much debt you have as to whether you pass affordability criteria. And of course you need a good credit record.
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    You'll need £2k-ish for solicitors fees, mortgage fees, etc...

    Define "some" debt...

    Check your credit history for issues.
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • MOLLYC
    MOLLYC Posts: 3 Newbie
    hcb42 wrote: »
    sorry about your Father.

    With regard to debt, it will depend on affordability criteria. You are not borrowing a lot compared to income, so that's a plus, but it will ultimately depend on how much debt you have as to whether you pass affordability criteria. And of course you need a good credit record.


    Thanks,
    We both have good credit records no missed payments, CCJ or anything. I have checked affordability on some of the mortgage calculation sites and with our level of debt they roughly advise lending anything between £95K and £112K

    We were saving and hoped to get a mortgage in the next couple of years but this seems too good to pass up although the circumstance could not have been any worse.

    Mol
  • hcb42
    hcb42 Posts: 5,962 Forumite
    If you like the house and area, and it sounds like you do, then it's a great idea, and it sounds affordable enough.

    I lost my father a couple of years ago, so I understand the circs. We sold his house but it is v hard dealing with clearing it etc.
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