Mortgage with a care, shared equity, no deposits and default?!

penguinpenguin

Its a rather tricky situation so Ill just try cut a long story short.

In a position to buy a house off family, 75k. Would need to borrow only 30k as the rest is being "charged". Solicitors Do a contract where if we were to sell the property the bank get what they are owed first, the family 40k and we get whats left etc.
Because of the value the deeds are in our names (joint with partner) we would need no deposit, we can use what we have to big furniture etc.

The thing is, I thought i had two settled defaults- turns out I have three, due to be settled tomorrow (as I only found out about it today)

Partner has a spiffing credit history, mines good now, every things always paid to date, always pay my overdraft off etc.

can anyone tell me if we are likely to get a mortgage? Halifax is our preferred lender however we wouldnt turn one down because it wasn't them!
If someone could help, id be ever so grateful!

kingstreet

Your chances of getting a mortgage where over half the value of the property is actually owned by others not party to the mortgage are slim and none.

The second charge idea would go some way to clearing this obstacle, but I fear no lender is going to accept this at the application stage.

Lenders don't particularly like gifts from parents, hate loans from parents and this is as bad, if not worse, to them. Sorry.