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FTB advice needed re mortgage
Comments
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It's all starting to make sense now, thank you!
Dad knows about the tax, he's very money-savvy so won't be under any illusion there.
I think the house is valued at around £290k, we had a retrospective inspection on the house last year from the previous owners, and the guy then said that it would be valued at around that price.
How would we provide disclosure? Would we need to itemise each, so for example say "£x is going to a, £y is going to b" etc?0 -
Might be worth discussing with your dad the whole "sale at under value" transaction.
That's all dependent on whether your personal affordability will allow you to borrow £175,000.I am a Mortgage Adviser
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.0 -
Catiee- that's the price that he's asked for, should I say we want him to ask for £185k instead to cover car and debts?
As far as the broker was concerned last time we went for a chat, we could afford up to £250k or so (combined income of £51k)
Thanks for all your advice so far!0 -
If you want to break it down then I can check with a lender or two to look into max loan amount.
If you want to PM it then you're welcome.I am a Mortgage Adviser
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.0 -
That's catiee- ill pm you 0
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This may seem a strange question but I take it you and hubby really want this house and there are no other contendors?0
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This may seem a strange question but I take it you and hubby really want this house and there are no other contendors?
Well as her father is the vendor I assume she has first refusal.I am a Mortgage Adviser
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.0 -
There's no other house we'd consider tbh. Dad bought the house for us to use 3 years ago because our financial situation at the time meant we couldn't afford it ourselves (oh made redundant and me on a pitiful income lol)0
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Also, for this area (Cambridgeshire) we wouldn't be able to get anything cheaper that's still in a decent area.0
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My point was merely that if there were other options your father could sell at full market value and make a decent profit and give you this to help. That way he is paying CGT on money he actually received and not what he could have received.0
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