Remortgage Help

David_White

Elkina wrote: »

Gifted equity? I have paid the house i live in off which shows that i can more than save for a deposit..and a deposit with a remortgage?

Elkina wrote: »

my mothers property that is worth £80k but ill be buying it for what she owes £39k.

Market value = £80,000
Purchase Price = £39,000

She is gifting you £41,000 in equity.

This is a concessionary purchase.

Elkina

Thrugelmir wrote: »

Why not simply pay the mortgage.

Lenders may well have an issue with your plan.

I'm not paying my mothers mortgage she has made bad choice after bad choice since divorcing and has lost over £60k and if i don't buy this sh will lose again as she cant make payments.

David_White wrote: »

Market value = £80,000
Purchase Price = £39,000

She is gifting you £41,000 in equity.

This is a concessionary purchase.

I would have thought this would not apply as i'm not getting a mortgage on that property just a mortgage on my own house then buying my mums later?

David_White

Elkina wrote: »

I would have thought this would not apply as i'm not getting a mortgage on that property just a mortgage on my own house then buying my mums later?

You've got me there... I read your post too quickly a missed that the mortgage isn't on the property you're looking to purchase

midnight_express

Trying to take advantage of your own mother, how low can you get!

Elkina

midnight_express wrote: »

Trying to take advantage of your own mother, how low can you get!

Yes because you know all about me , my mother and this situation..

Thought this was a site for advice?

densol_2

midnight_express wrote: »

Trying to take advantage of your own mother, how low can you get!

How do you work that one out ? She is helping her mum out of a financial pickle and giving her a lump sum as well. No doubt mum would be leaving it to her daughter anyway - so it's good mum gets some money now - win win. I intend to gift my sons £100's K in the next few years so they have it now ( reverse situation )

OP - £1000 seems a bit steep but as others have said CCJ and zero hours could be the reason. Were they particularly interested in what you intended to spend the money on ( ie mum's house ?)