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Mortgage question
gettingborednow
Posts: 6 Forumite
Hi all
Hoping for some help here.
My brother owns (well has a mortgage on it) the family home that parents were staying in. Both parents are sadly no longer here and he is keen for me to buy the house. This is something that was going to happen a few years down the line in order to allow me to build up some savings.
The house is valued at about 80k and he has about 10k of equity in the house
He thinks, and I have no idea and I cannot find info on it anywhere, that he can 'gift' the equity in the house to me to act as my deposit for mortgage. Mum and Dad were covering the mortgage so he is not looking for anything from me.
I know the house and I really want it but really unclear if the equity gift would count as deposit???? any thoughts?
Hoping for some help here.
My brother owns (well has a mortgage on it) the family home that parents were staying in. Both parents are sadly no longer here and he is keen for me to buy the house. This is something that was going to happen a few years down the line in order to allow me to build up some savings.
The house is valued at about 80k and he has about 10k of equity in the house
He thinks, and I have no idea and I cannot find info on it anywhere, that he can 'gift' the equity in the house to me to act as my deposit for mortgage. Mum and Dad were covering the mortgage so he is not looking for anything from me.
I know the house and I really want it but really unclear if the equity gift would count as deposit???? any thoughts?
0
Comments
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Yes. It's called a concessionary purchase.Slummy mummy!0
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