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Buying off parents

jbryan26
jbryan26 Posts: 1 Newbie
in Mortgages & endowments
Hi, my and my wife currently rent our house off my parents but would be looking to buy it off them in the not to distant future.

Would we need to have a deposit to buy it as heard that we wouldn't but not sure how reliable the source is.

Thanks for the help in advance :)

Comments

  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    How much is it worth open market ? How much are you paying them ? How much cash deposit do you have ?

    Then we can answer your question
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • amnblog
    amnblog Posts: 12,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have Ken credit and they will sell to you for less that the market value you can buy it from them without putting any cash in. The difference between the value and the purchase price acts as the deposit.

    If you have poor credit you may need to put in some cash, perhaps 5%.
    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.
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