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Mortgage Deposit
highland_house
Posts: 3 Newbie
A family member has offered me a new build small house. I don't have a deposit but it has been suggested that the equity is gifted on the new build to enable me to buy. Is this legal?
0
Comments
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Yes this is legal.
They would need to gift you the equity (10% of the value for example) then you would need a mortgage for the remaining amount.
They would need to sign a declaration saying that it is a gift (not a loan) and that they will have no interest in the property.0
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