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Is it possible to get a mortgage like this?
Daved86
Posts: 2 Newbie
Hi folks, have a question for you regarding getting our first mortgage..
Basically the wife and i are renting a property off of a family friend, with the intention to sell it to us, he had the property valued the other day and the value has come back as valued between 145 - 150k. he would like to sell the house to us for 140k as he's not interested in gaining any money on it. that's fine and dandy but we don't have any savings to get a mortgage, is it possible to use the "equity" that would be in the house (10k) to use as a deposit to secure a mortgage ? we have booked an appointment to see the mortgage advisers near us but that's not for another 2 weeks and i don't want to feel like we are wasting there time if its not possible to do it.
many thanks
Dave
Basically the wife and i are renting a property off of a family friend, with the intention to sell it to us, he had the property valued the other day and the value has come back as valued between 145 - 150k. he would like to sell the house to us for 140k as he's not interested in gaining any money on it. that's fine and dandy but we don't have any savings to get a mortgage, is it possible to use the "equity" that would be in the house (10k) to use as a deposit to secure a mortgage ? we have booked an appointment to see the mortgage advisers near us but that's not for another 2 weeks and i don't want to feel like we are wasting there time if its not possible to do it.
many thanks
Dave
0
Comments
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Not this is not possible.
This works only where the vendor is a direct family member.
Ask the broker before you attend the appointment so as not to 'waste anyone's time'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Do you have a genuine landlord/tenant relationship complete with tenancy agreement?
If so, you could go the concessionary purchase route as a sitting tenant.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 -
We don't I'm afraid, looks like we are doomed from the start.
Thanks very much for your input.
Dave0
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