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Are LVT and 'deposit' the same.
Comments
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That would be much more straightforward.
If the OP wants to pursue the purchase option, they will need a mortgage broker and may have to be very flexible in setting up the scenario in a way that would be acceptable to a Lender. Even then, it may be a specialist Lender.
Maybe one of the Forum Mortgage experts will come along soon to give their view?0 -
Hi All,
my parents to own the house minus a very small amount to avoid an early repayment penalty (which they have ready in their account).
We're exploring this since we do want to live with my parents anyway generally, but also (maybe childishly) want to be 'Homeowners'.
whist renting may make most financial sense, emotionally we would be willing to pay for the premium of owning half the house. If it's possible.0 -
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This is the simplest/cheapest option.
The other alternative is (possibly) if the parents remortgage to 50%, if they themselves qualify for a mortgage. They will then have the cash, and the OP can then move in after the mortgage has started and start paying the mortgage repayments.0 -
You need to clarify - I for one am confused.
What is the current owership? Rough figures would be helpful:
1) current value of property
2) current ownership eg two parents as 'Joint Tenants' (see here)
3) is there a a curent mortgage? How much?
Future Plan
4) ownership intention eg two parents plus you plus partner(?) as 'joint tenants'?
5) who will pay off existing mortgage (if any), and how?
6) value equity (cash) eac ofh owner (4 above) will put in?
7) value of new mortgage will be taken out in the new (4?) names?0
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