Advice needed re: Transfer of equity & Mortgage

bukup

Please could anyone advise on the following scenario:

I am looking to buy a house but have no deposit - however my mum has offered the use of some of the equity in her property i.e. £50k. I'm not sure quite how this would work but wondered if it would be the case that she would transfer the property into my name at a consideration of £50k and I would obtain a mortgage for this amount thereby obtaining my deposit. In my mother's Will she does leave the property to myself and my brother and therefore am I right to believe that a trust deed would need to be drawn to protect all our interests. Also if this is the correct procedure is it then possible to obtain a further mortgage to buy my property.

Any advice would be much appreciated or if anyone knows of a better route to take.

Thanks.

Mr_helpful

She would have to remortage the house to raise your deposit Then you would have a mortgage on the house you buy.

bukup

Thanks for that but the problem is she is 64 and no income and does not want to do an equity release scheme - which is why I thought if she transferred the property into my name for a consideration of £50k - is this not another way around it?

Many thanks

CLAPTON

presumably your income is sufficient to pay both your proposed 'primary' mortgage as well as a second mortgage of 50,000, so why dont you just get a 100% on your proposed purchase.

bukup

Our joint income is £39,200 and we want to purchase in the region of £180k - we currently pay rent @ £750 and have done so for 3 years. We currently have a 10k loan which ends in three years and this is our only debt - we roughly have over £700 left a month once all bills etc are paid so on paper we can afford it - just our income on multiples is rubbish. If you know of any lenders I would be more than grateful and many thanks for your help.

bukup

any ideas please