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Concessionary Purchase
Twinkletoes1_2
Posts: 1 Newbie
My partner and I are looking into buying his parents house for under market value, and believe we can do this via a concessionary purchase. The house is valued at £275k and we'll be purchasing for £220k. With our income we can borrow around £240k (our combined annual income is £60k). We do currently have a £20k deposit, but would prefer to use this towards renovations / our wedding if we can do a concessionary purchase. Is it possible?
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Comments
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Yes, the £55k discount could be used towards the deposit with some lenders.I am a Mortgage AdviserYou 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.0
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