best mortgage lender to buy undervalued property from parents?

aqu4rius

hello Guys,

i would really appreciate your advice on the best lender to approach in order to purchase a property from my parents.

the property value is c£220k, however my parents only want £125k.(in essence gifitng me £100k)

i also have around £50k in cash, but i would ideally like to use this to fully refurbish the property if possible

i understnad that only some lenders provide this service...? (not sure what the correct term for this type of mortgage is)

many thanks in advance. :beer:

alex

Malmo

It's a concessionary sale, where you are essentially gifted a discount of at least 10%, which acts as your deposit.
Best to consult an independent whole of market mortgage broker, who can advise the best way forwards.
Also ensure that you budget for various costs, such as conveyancing etc.