We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Using mum to buy house?
dknipe
Posts: 1 Newbie
We have found our dream home.
The vendor prefers a cash buyer as does not think the property would get a mortgage.
Even tho they accepted our offer, they took a lower offer from cash buyer for this certainty factor.
We have found a mortgage provider that would give us the money as we have a big enough deposit, and can afford the payments.
To ensure we can get it, our mum, who has the cash, is willing to back us, and provide the evidence.
The question I would like to know is:
If mum made a cash offer direct to agents, which was accepted, can we proceed with all the motions with bank to get valuation, conveyancing, and mortgage approval, and do the deed without the agent knowing this?
Or, use the same paperwork as would be done for the cash purchase, and then pay mum with the mortgage and do title change then.
The vendor prefers a cash buyer as does not think the property would get a mortgage.
Even tho they accepted our offer, they took a lower offer from cash buyer for this certainty factor.
We have found a mortgage provider that would give us the money as we have a big enough deposit, and can afford the payments.
To ensure we can get it, our mum, who has the cash, is willing to back us, and provide the evidence.
The question I would like to know is:
If mum made a cash offer direct to agents, which was accepted, can we proceed with all the motions with bank to get valuation, conveyancing, and mortgage approval, and do the deed without the agent knowing this?
Or, use the same paperwork as would be done for the cash purchase, and then pay mum with the mortgage and do title change then.
0
Comments
-
If the vendor prefers a cash buyer because he/she thinks the property is unmortgagable (is that a word?) what is the point in this charade? You need to find out if it is possible to obtain a mortgage on this property now, or after doing a bit of work otherwise you'll be stuck with a lemon.0
-
Just because somebody will give you a mortgage for £x,000 does not mean that they'll give you a mortgage for £x,000 for THIS property. Lying to the agents about who the buyer actually is won't make a difference if it turns out you can't borrow the money to buy it. All that'll happen is that you'll waste money on fees, and both you and the buyer will waste time.
If the vendor thinks it's unmortgageable, then do you know WHY he thinks that? Can you live with that issue, and/or afford to fix it?0 -
Q. What sort of "dream home" couldn't be mortgaged?
A. A nightmare one!
If a vendor thinks a prospective purchaser could not obtain a mortgage on his property, then there is probably something seriously wrong with it.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
The bigger question is why a bank won't mortgage the property... that's a big warning sign.0
-
It's not about getting a mortgage, it's about getting a mortgage for that property. Make no mistake the vendor knows lenders wont touch it so get a professional report done before your mother gets stuck with a potential money pit.0
-
If the vendor has not accepted your offer, how did you arrange the mortgage? Did you somehow persuade the mortgage lender's surveyor to pretend to be another prospective buyer, or the gas man, so as to gain access and complete the Valuation?The vendor prefers a cash buyer as does not think the property would get a mortgage.
We have found a mortgage provider that would give us the money as we have a big enough deposit, and can afford the payments.
.
Or has the mortgage lender not yet done a Valuation survey, in which case you do NOT have a mortgage offer, you simply have a 'mortgage in principle'.0 -
The question you have to ask yourself is why the vendor considers the property unmortgageable??"You were only supposed to blow the bl**dy doors off!!"0
-
What makes the house unmortgageable?0
-
I wonder how many times different posters can ask the same question before the OP comes back
Im going for 18
OP - You need to find out why it cant get a mortgageNever, under any circumstances, take a sleeping pill and a laxative on the same night.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards