Ftb

jmc1984_2

My wife and I currently rent a house from my parents. We are looking to buy this house from them and they have kindly agreed to sell it to us for the amount of the remaining mortgage, plus any fees to complete the purchase. The house is worth around £95k and we would need a mortgage of around £60k. Thing is, as yet, we don't have a deposit, but I was wondering if it's possible to get a mortgage without a deposit with the LTV being so low. We can save for a deposit, but it'll take some time to get it together. Any help would be massively appreciated.

ACG

You could really do with speaking to a broker for this. Very few lenders will accept that and it will take a fair bit of leg work to get a lender onside for it.

I dont think any high street lenders will look to accept it - except maybe halifax? But dont hold me to that.

kingstreet

Purchase at undervalue from family member. There are a few lenders who accept it, as ACG has said. Try to be careful not to call this a "gifted deposit" as lenders think your relatives are gifting you the cash and it's totally different where the gift is equity.