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HBOS Concessionary purchase
neilbrwn
Posts: 6 Forumite
Does anyone know about this type of mortgage with the Halifax?
I am being told by my mortgage advisor that this now only applies to family members is this true? I.e If im purchasing a house from a family member only
The reason I am asking is my sister purchased a re-possession last year and she was able to obtain this type of mortgage without any questions
Any advice would be greatly appreciated
Cheers
I am being told by my mortgage advisor that this now only applies to family members is this true? I.e If im purchasing a house from a family member only
The reason I am asking is my sister purchased a re-possession last year and she was able to obtain this type of mortgage without any questions
Any advice would be greatly appreciated
Cheers
0
Comments
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Could you explain what you mean by the expression "concessionary purchase?"
Buying a repossession isn't a concessionary purchase in my opinion.
My understanding would be if a relative offered you their property at a greatly reduced price, that would satisfy the definition. If you then tried to use the price reduction as part or all of your deposit, that would become a gifted deposit case.
Could you kindly set out what it is you wish to do and I'm sure we'll be able to advise you on how best to approach it.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
the consessionary purchase is a scheme introduced by hbos
it only applies when you buy a property for 10% less than its value and you can use the valuation as a false deposit
my sister bought her flat for £79k but was valued at £96k, therefore she did not have to put anything down as a deposit0 -
***sorry min of 10% less than valuation0
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You appear to be talking about vendor gifted deposit cases? You use part of a price reduction as part of the deposit on a property?
Similar to this thread?
https://forums.moneysavingexpert.com/discussion/3340590
Hang on - it's your thread? :eek:
Are you talking about the same thing? I'm lost now...I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No this is a completely different mortgage scheme on the market. The concessionary purchase is the better option but is only available but I am now being told it only applies to family members.
You obviously havent heard of this you may be able to find info on it on google
thanks for your help anyway0
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