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Mortgage help pls

Rscozzy_2
Rscozzy_2 Posts: 2 Newbie
in Mortgages & endowments
Looking to buy my first house it's my parents
House worth £90000 but want and mortgage
For £55000 do I need a deposit

Comments

  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No.

    You can do a gifted equity/concessionary purchase and use the price reduction as the deposit.

    Be careful. If they will remain living in the property you will have issues with many mortgage lenders.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Spot on from Kingstreet.

    Can be done but must be handled correctly.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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