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Mortgage clauses
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330d
Posts: 629 Forumite
I am buying a property from a family member who wants to put a couple of clauses in the sale being that i cant sell the house within 5 years and i cant take any additional borrowing.
I was going to get a mortgage with Nationwide who have come back and said they will not allow any clauses.
So my question is, do you know of any banks/building society that will allow this?
I was going to get a mortgage with Nationwide who have come back and said they will not allow any clauses.
So my question is, do you know of any banks/building society that will allow this?
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Comments
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I have never had such an enquiry so am only tlking opinion here, but if the house cant be sold for 5 years, if I had an underwriters hat on Iwould chuck the case out in a second! I cant see any lender taking this on in the way you have stated. although would be happy to be proved wrongI 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 -
Why are you being asked to allow this clause? As it stands, it will be unacceptable, but there may be other means of meeting the requirement.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Long story, but for me to buy the house at the reduced rate, these clauses need to be included.0
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