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Selling to daughters
bewildered_mum
Posts: 1 Newbie
I hope somebody can advise.
I am getting divorced and due to poor credit history cannot get a mortgage to take over family home.
Daughters have said they will buy house.
Question is will I be able to sell the house to them for amount of outstanding mortgage (80,000) without them putting down a deposit. The value of the house is 120,000
I am getting divorced and due to poor credit history cannot get a mortgage to take over family home.
Daughters have said they will buy house.
Question is will I be able to sell the house to them for amount of outstanding mortgage (80,000) without them putting down a deposit. The value of the house is 120,000
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Comments
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Yes, but you won't be able to continue living in it.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Deemed reservation of interest.
Lenders want a deposit to be a "gift" free of the interest of the donor. If the donor continues to live in the property, the interest is deemed to continue.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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