Getting a mortgage when pregnant.

RobDoubleu

Dear all,

My very lovely parents have said they want to help me and my wife buy a palce of our own.

Some background; my wife and I rent a 1 bed flat. She earns £20,000 pa I earn £22,680 per annum. I have £3,800 debts (unsecured loan + 2 credit cards) and £2, 800 in a savings account (probably will use savings to offset debts).

Other thing - my wife is pregnant, 5 months gone. Spoke to London & Country who said that we need to buy before my wife's maternity period begins (in 4 months), or when it ends (May 2016) as most lenders would consider the maternity pay as my wife's income. Furthermore, I was told that childcare costs would be deducted from our income after the maternity period ends, reducing how much we could borrow (which is sensible I suppose as childcare costs would reduce how much we could afford to pay!).

My parents have said they want to help us and have said they can give us £50,000. But with the difficulties with getting a decent mortgage with a wife on maternity leave and then us paying for childcare, it looks like it might not be possible for us to buy, realistically.

My question is, can my parents buy a house which we can rent from them and then buy 50% off them in a year and then the remaining 50% in 4-5 years time? Would there be tax implications for my parents with this? It would be like a part buy/part rent deal but with my parents as the other party instead of the government. Is this in any way possible?

Thanks!

Foxy-Stoat_3

Theres a few lenders that may do regulated buy to let (renting to family).

As for buying 50%, you would need to be added to the mortgage and deeds down the line assuming that the lender agrees. Maybe possible or you could just rent from them and get them to leave the house for you in their Will.