We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How does it work ?
psm2day
Posts: 5 Forumite
Hi All,
Myself and my wife have been given 1st refusal on purchasing her grandmothers house when she passes on and also her mother has said we can have her 3rd share of the property as she doesn't need the money but not sure how this will work with mortgage application and deposit, i'm guessing we would only need a mortgage for 2/3rds of the market value of the property but would we also need to put a deposit down as the house needs updating and we will need funds for installing gas central heating, rewiring, windows, kitchen, bathroom and decorating?
What i'm not sure is say for example the market value is £180k and we can have it for £120k can we get a full mortgage for the £120k without having to put a deposit down and would the mortgage be classed as 66.66% LTV?, (as we could do with using the £15k+ we have put to one side for deposit on the upgrade instead)
Thanks in advance
Peter
Myself and my wife have been given 1st refusal on purchasing her grandmothers house when she passes on and also her mother has said we can have her 3rd share of the property as she doesn't need the money but not sure how this will work with mortgage application and deposit, i'm guessing we would only need a mortgage for 2/3rds of the market value of the property but would we also need to put a deposit down as the house needs updating and we will need funds for installing gas central heating, rewiring, windows, kitchen, bathroom and decorating?
What i'm not sure is say for example the market value is £180k and we can have it for £120k can we get a full mortgage for the £120k without having to put a deposit down and would the mortgage be classed as 66.66% LTV?, (as we could do with using the £15k+ we have put to one side for deposit on the upgrade instead)
Thanks in advance
Peter
0
Comments
-
Yes.
The gifted share will be your deposit and you purchase the remaining equity from the estate.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.8K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 245.9K Work, Benefits & Business
- 601.9K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards