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Concessionary Purchase Amount?
Zack-12
Posts: 1 Newbie
I’m looking at buying a house from my aunt. We’re not close but has agreed she will knock some money off that she would otherwise spend if she was to sell publicly (£2/3000). Now speaking to friends who have done concessionary purchase I’ve been intrigued as to weather I’d be able to get the money that is planned to get knocked of the total house value gifted as a concessionary purchase and put this towards the deposit but whenever i look, the amounts are always quite high and I’ve not seen anything about such a small amount? Is it possible to have £3000 added as a concessionary purchase?
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Comments
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You need to be knocking her for twice that on the requested price anyway.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 -
Your deposit will be based on purchase price. Once you re-mortgage you can benefit and maybe put you into a lower LTV% after your fixed term is up.0
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Concessionary purchase.foxy-stoat wrote: »Your deposit will be based on purchase price. Once you re-mortgage you can benefit and maybe put you into a lower LTV% after your fixed term is up.
Vendor gives up some of the value and purchaser gets to use it as deposit.
Family to family or landlord to sitting tenant.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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