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Buying from family

eloulew
eloulew Posts: 2 Newbie
in House buying, renting & selling
I have been looking into buying a house from my brother, he purchased the property for just over £100,000 and pays a mortgage of £480 a month. He wants out of the mortgage and Im looking to buy but dont have a huge deposit. The property has lost value and is now worth approx £93000 he owes £94000. Is there anyway we can transfer the mortgage into my name? Or are there any first time buyer schemes that could help on a non new build property??

Thanks

Lou

Comments

  • Hump
    Hump Posts: 519 Forumite
    Part of the Furniture
    Are you buying it to live in? or buying it to allow your brother to remain there and rent it off you?
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