Can I use a gift of part of value of property as a deposit for a mortgage

flippyflappy

Hi - My partner's parents own a house that they inherited from her grandfather a few years ago that we want to buy from them.
They want to to gift my partner and her brother a quarter of the value of the property each.

I want to know what's going to be the best way of purchasing this property?
We don't currently have any savings

Is there any way of using the value of that gift as a deposit for a mortgage?
Would it be better for them to sell the property to us minus a quarter of the value or would that not work?

I already have a mortgage on a property that I own and rent out

Any advice or guidance greatly appreciated!

Cheers

Dave_Ham

This can be done for sure.

May be worth a call to a broker to get some specific advice as not straightforward, but can definitely be done.

Typically, it will need to be at the very least a 10% deposit..

Subject to value, you will still incur stamp duty though as is technically a "sale"

Good luck

flippyflappy

Cheers Dave =]

holly_hobby

It will be done under the terms of preferred purchase/discounted purchase price - similar to Right To Buy purchases.

Shouldn't be a problem with any of the high st lenders, and you won't need to put down any monies (subject to status, survey and remaining within their max LTV paramaters).

Super easy placment for a broker, if you want to also have them search the market for the best deal and most suitable lender for you.

Hope this helps

Holly