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Please advise. Thanks
wilf55
Posts: 3,102 Forumite
My daughter living at home etc has the chance of buying a property from a family member.
The owner died, other family member, and there is at the moment outstanding on the deceaseds mortgage £95,000 approx. similar houses in the area are going for £135 000 plus. The family member for personal reasons is happy for my daughter to purchase the house
BUT
Daughter does not have a deposit
She works as a teacher on a wage of £235000, permenant position.
Her only outgoings are a car £300
Credit history showing as good.
She has no deposit
No savings
What are her chances of getting a mortgage
Is it even legal to buy it like this. Etc etc
How would she go about it
Thanks in advance
The owner died, other family member, and there is at the moment outstanding on the deceaseds mortgage £95,000 approx. similar houses in the area are going for £135 000 plus. The family member for personal reasons is happy for my daughter to purchase the house
BUT
Daughter does not have a deposit
She works as a teacher on a wage of £235000, permenant position.
Her only outgoings are a car £300
Credit history showing as good.
She has no deposit
No savings
What are her chances of getting a mortgage
Is it even legal to buy it like this. Etc etc
How would she go about it
Thanks in advance
Save 12k in 2015 member 187. £62.50/6000
0
Comments
-
Without a deposit your daughter has no options unless the owner is a sibling, parent, or grandparent.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 -
She needs a 5% deposit to qualify for Help To Buy.Changing the world, one sarcastic comment at a time.0
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