Advice for first time buyer - loaned deposit from family

liamsanders24

My fianc!e and I are looking to buy a property from our family. It was my grandmothers home valued at £130,000 and the family are willing to sell it to us for £120,000 (my mother is one of 12, so this would be a straight forward way of distributing the inheritance.)
We don't have much saved for a deposit, but one of my aunts is willing to lend us £10,000 (we could put another £2,000 towards the deposit) but she would require that back on sale of the property. Is there any way of doing this?
Perhaps if they sold it to us for the £130,000 it has been valued at, then the 12 siblings would still get 10 each, and our aunt would get the additional 10 she loaned us?

evansc1

There will be some lenders POTENTIALLY willing to lend on a loaned deposit. Most lenders don't like loans with in interest in the property included. Get in contact with some mortgage advisors for a discussion as to whether they can help you.

Also, if you went with the £130k option instead, bear in mind that there's nothing to say that the lender's valuation of the property will come out that high so be careful on that.

Finally, you need a few thousand for fees and moving costs so be prepared for that too.

liamsanders24

Thanks for this.
Yes our next step is to meet with advisers, just wanted a little background knowledge before we did so.