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Buying my first house need advice?
alank86
Posts: 1 Newbie
Hi,
Basically at the moment me and my wife are renting a house off my parents and they have just offered us to buy it off them at a discount price which they have said we won't need a deposit for or pay estate agent fee's and im wondering what kind of mortage i could get the house will be about £60000 after he discount i earn just below £17000pa and my partner earns around £4800pa but will soon be on maternity leave as she is due in May but has only been working since Sept last year if that makes any difference?
Ive tried looking on different mortage sites but they all say they want a deposit amount im only after rough figures of what we'd have to pay a month for that kind of figure.
Is this correct dont we need a deposit will the extra value of the house be put down as a deposit?
If anyone can help that be great.
Basically at the moment me and my wife are renting a house off my parents and they have just offered us to buy it off them at a discount price which they have said we won't need a deposit for or pay estate agent fee's and im wondering what kind of mortage i could get the house will be about £60000 after he discount i earn just below £17000pa and my partner earns around £4800pa but will soon be on maternity leave as she is due in May but has only been working since Sept last year if that makes any difference?
Ive tried looking on different mortage sites but they all say they want a deposit amount im only after rough figures of what we'd have to pay a month for that kind of figure.
Is this correct dont we need a deposit will the extra value of the house be put down as a deposit?
If anyone can help that be great.
0
Comments
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As you would be buying from a close family member there would be lenders who would allow a 'sale at undervalue' meaning no deposit needed. The market value would be used for calculation purposes.
A broker may be worth a chat.I am a Mortgage AdviserYou 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.0
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