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.
📨 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
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Inter family mortgage
Gorm90
Posts: 4 Newbie
Me and my girlfriend have been renting off her parents for the past few years and they have offered to sell us the house for a reduced price. We are currently looking around and seeking advice as to what lenders are the best to deal with and is a deposit needed to do this?
0
Comments
-
You can use a price reduction on a purchase from a close family member, or a landlord as your deposit.
You'll have more lender options for the former than you will for the latter.
The lender's chosen surveyor has to value the property at the higher price, otherwise the concessionary purchase won't work.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Do you think we would more of a chance of getting a mortgage then if we were do purchase our house off my girlfriends parents with a inter family mortgage?0
-
What is an inter family mortgage? Where did you get that term from?
If you are buying from family using the difference between market value and purchase price as your deposit, that is called a concessionary purchase.
Consult a broker for suitable advice.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 -
If they don't need the cash now are they willing act as lender and you just pay them over a set period.
Any interest would be taxable for them but as they were going to discount you could just pay full market price at 0% no tax.-1
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards