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Mortgage on a gifted house
Woody2run
Posts: 7 Forumite
Long story short:-
I want to give half my house to my daughter. She will need to raise £80k for the other half so to speak. Credit checks and her income aside. My question is, are there lenders that that will be willing to lend in this situation?
I've searched all day but can't find anything on the internet specific to this question.
Thanks for looking and thanks in advance for any replys.
I want to give half my house to my daughter. She will need to raise £80k for the other half so to speak. Credit checks and her income aside. My question is, are there lenders that that will be willing to lend in this situation?
I've searched all day but can't find anything on the internet specific to this question.
Thanks for looking and thanks in advance for any replys.
0
Comments
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Yes. It's called a concessionary purchase, or gifted equity.
There are a number of lenders which accept such cases.
SDLT is based on the actual amount concerned, the consideration not the true value.
If it's a second property, CGT is based on the true market value.
You will not be able to continue to reside in the property.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.0 -
That is great to learn and thanks for your speedy response.0
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You need to be careful here Woody.
If you intend to stay in the property this can be accommodated but is tricky.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.0 -
Thanks for the warning amnblog, however my plans are to move out.0
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OK Woody.
You are best using a broker as the application is a little more involved than usual.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.0 -
Yes it is possible. I'm going through the exact same procedure now - buying house from my parents.
My broker called it a gifted equity mortgage.
Valuer has been round this morning.
Good luck.0
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