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family gifted deposit?
marcel1_2
Posts: 1 Newbie
Hi,
my in laws are selling there house and moving into a rented house. The house has been valued for a quick sale at 110k but we have been told we can buy it for 95k. My wife and I both work and have good credit rating but no real deposit. Is it possible to buy the house for 105k and her parents give us the 10,000 back as the deposit? ive been reading a bit about vendor/family gifted deposits and am thinking this is the same sort of thing just not sure if it is/if its possible. Any advice would be appreciated
Thanks
my in laws are selling there house and moving into a rented house. The house has been valued for a quick sale at 110k but we have been told we can buy it for 95k. My wife and I both work and have good credit rating but no real deposit. Is it possible to buy the house for 105k and her parents give us the 10,000 back as the deposit? ive been reading a bit about vendor/family gifted deposits and am thinking this is the same sort of thing just not sure if it is/if its possible. Any advice would be appreciated
Thanks
0
Comments
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A family gifted deposit is fine with most lenders. Vendor gifted is not.
You would be looking at a sale at undervalue where the lender would use the market valuation to calculate the figures.
If you could get it for £93,500 you would possibly get a better rate. It would be 85% rather than a 90% product.
A broker may be able to help you.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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