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Deposit
paddedjohn
Posts: 7,512 Forumite
buying a house nowadays requires a deposit to ensure a mortgage but would the same still be true if the house was heavily discounted?
Daughter has £20k saved but isn't ready to buy for a couple of years but a family member has offered her rent a property for 2 years which is valued at around £160k today and she can buy it in 2 years for £120k (all to be written down and agreed upon) would the banks consider this £40k discount as a deposit?
Daughter has £20k saved but isn't ready to buy for a couple of years but a family member has offered her rent a property for 2 years which is valued at around £160k today and she can buy it in 2 years for £120k (all to be written down and agreed upon) would the banks consider this £40k discount as a deposit?
Be Alert..........Britain needs lerts.
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Comments
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Yes. It's called a concessionary purchase.
It usually has to be a close family member. Check with independent broker for best lender options at the time.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
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