Is this a good way to buy a first property?

leestafford

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mrginge

Why don't you just save up a deposit instead?

RhysHSCC

A couple things at first glance which you may need to be aware of.

1) this sounds like it would fall under sale and rent back rules, which most, if not all lenders won't touch.
2) if it was signed over to you, and you purchased your own place, you can would be subject to the new SDLT surcharge of 3% as it would technically be your second property.

Could your parents raise funds against their property for a deposit on yours?

leestafford

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mrginge

leestafford wrote: »

Because saving up about £4,000 isn't going to be easy or quicker than the above mentioned method.

I also haven't ruled that out.

I think you'll find it is, since the above mentioned method is a complete non-starter.

leestafford

Ok, you win!

That's why we have forums like this!!!

Thrugelmir

Start a Help to Buy ISA. Halifax are currently offering 4% interest. That will at least set you off in the right direction.

dimbo61

If your mum and dad only have a £10,000 mortgage could they borrow say another £10,000 ?
This could be a gifted deposit from them to you.
If you start a Help to Buy ISA now you will also get a 25% bonus from the government when you buy your first property.