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Buying a house for less than its worth
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Belle_magenta
Posts: 1 Newbie
I am currently renting a property from my father in law and he has said he would like to sell it to us for less than its worth
What do I do about mortgages as most banks are confused by this
Do I need a deposit or can I use the equity in the house?
What do I do about mortgages as most banks are confused by this
Do I need a deposit or can I use the equity in the house?
0
Comments
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There are some lenders that will let you use the equity as a deposit In effect your FIL is giving you the difference. See a broker, it will depend on the exact numbers.
There will also be CGT implications for FIL, if ist worth £100k and he sells it to you for £25k he'll have to use £100k as the figure for CGT. He should be advised of that upfront since he may be thinking he can sell it to you "discounting" the CGT, but there will be a bill (most likely).0
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