Purchase under value and leaving vendor live with me

thewonderofyou

Hi everyone

My grandfather wants to sell me his home at approx 20% less than it's actual value.

I understand some lenders could let me us the difference as a deposit, I have read on here 'concessionary purchase' some lenders call it...

However in my specific case my grandfather and I have agreed that if he sold it to me undervalue then I would leave him live in the property with me until the day he dies. Now I read on some lenders websites that it would require him to move out

So my main question is, are the any lenders out there that would work with me given the circumstances?

If they weren't happy with the situation could I then use my own deposit and still buy the house under value and leave him live here?

Many thanks

Dave_Ham

You will need a mortgage broker, or do some serious research yourself.


There are only a handful of lenders that allow this sort of transaction, specifically your Grandfather staying post completion.


Ensure it is all declared upfront or the wheels may come off at the legal stage.


Good luck