Buying fathers house

MortgageMamma

amnblog wrote: »

Not sure where this Daily Mail article fits in?[/QUOTE

Do you genuinely mean that?

csgohan4

MortgageMamma wrote: »

amnblog wrote: »

Not sure where this Daily Mail article fits in?[/QUOTE

Do you genuinely mean that?

2 of the schemes require relatives to put in money as fixed deposit, we're not talking pounds, but tens of thousands

the last one is based on guarantor which the father will fail with no income and using equity the equity to guarantee the mortgage with eye watering interest rates lolz.

MortgageMamma

csgohan4 wrote: »

MortgageMamma wrote: »

2 of the schemes require relatives to put in money as fixed deposit, we're not talking pounds, but tens of thousands

the last one is based on guarantor which the father will fail with no income and using equity the equity to guarantee the mortgage with eye watering interest rates lolz.

My point was that it doesn't hurt to know what is out there, in terms of options as there will be other people reading this thread that WILL find that information relevant - I wasn't suggesting the OP actually used these schemes (I never would on a public forum, I will always insist of getting professional advice) I was simply highlighting that there are lenders who will accept large gifted deposits and inter family purchases etc. Nationwide are one such lender planning on re-entering that market, this next article is aimed at mortgage professionals not the public but some will find it useful. http://www.mortgagesolutions.co.uk/news/2016/02/16/nationwide-steps-back-into-restricted-re-sale-and-discounted-purchase-market-exclusive

amnblog

MortgageMamma wrote: »

amnblog wrote: »

Not sure where this Daily Mail article fits in?[/QUOTE

Do you genuinely mean that?

Couldn't see how the examples in the article were relevant to the circumstances being discussed on the thread.

csgohan4

MortgageMamma wrote: »

csgohan4 wrote: »

My point was that it doesn't hurt to know what is out there, in terms of options as there will be other people reading this thread that WILL find that information relevant - I wasn't suggesting the OP actually used these schemes (I never would on a public forum, I will always insist of getting professional advice) I was simply highlighting that there are lenders who will accept large gifted deposits and inter family purchases etc. Nationwide are one such lender planning on re-entering that market, this next article is aimed at mortgage professionals not the public but some will find it useful. http://www.mortgagesolutions.co.uk/news/2016/02/16/nationwide-steps-back-into-restricted-re-sale-and-discounted-purchase-market-exclusive

Perhaps other people will post their own thread than hijack this thread.

katie1234

Thank you to all for your replies.

It is my dads only home so I think we should be ok tax wise.

Interesting that some banks are beginning to tailor mortgages to this.

Mortgage mamma do you know any lenders I could approach with this? I plan on making an appointment with Nationwide to see what they think of it. The mortgage advisor didn't think all names could be left on the deeds whereas the solicitor did so I was hoping to shed light on this.

MortgageMamma

Hi Katie, your best bet would be to take some professional advice before making a move and being credit checked etc. An experienced mortgage adviser would be able to help you, not someone sat in a bank as they can only advise on their own product offering, but someone who can search the whole of market and present you with the best option and guide you through the process.

I would recommend you have an initial chat with a couple of brokers to ensure you feel confident in them before committing to pay fees, also when looking for brokers use google to check for reviews and feedback and ensure they are on the FCA register here (they need to be on it to be authorised to give advice) https://www.fca.org.uk/register