First time buyer advice please

Callius

My parents have lent me 45k as a deposit
Earnings 72k inc ot , have3 years p60 as proof
House is 222500
My parents do not want to gift me the money I case something happens
And f curse the morgage company want to see 2 months of my saving acc, but I've just had an extra 45k put in

Does Any lender allow the deposit which is 20% to be a interest free loan from my parents ?
Or could I do shared equity ?
Apologies I just assumed te cash in my savings acc would be enough

ACG

Lenders do not accept loans as a form of deposit.

Please note, im not recommending this product its just a pointer as something that may be of interest - http://www.woolwichintermediaries.co.uk/IP1242628813950

You would still need a 5% deposit but your parents may gift you that as its a smaller amount?
They would put 10% in a savings accounts which they get back after 2 years - the interest rate i think is 1.5% above base so its not a bad rate.

Callius

Or are there any 10% ltv morgages arround

ACG

You mean 90% LTV (10% deposit) im assuming?

There are a few 90% mortgages available.
It might be worth sitting down with your parents and a broker and getting everything down on paper and they can run through different options with you and work towards something that will do what your all after.

kingstreet

Callius wrote: »

Or could I do shared equity ?

Presumably you don't want to buy a newbuild using the Government Help To Buy Scheme?

In which case, I assume you are actually talking about buying jointly with your parents, or have them as a guarantor?

How will their ages fit with a long-term mortgage commitment?