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Not sure how to apply due to circumstances
kevinb5555
Posts: 15 Forumite
Hi All,
Just to set the scene. My parents recently broke up and dad has left house. My mum cant afford to run the property or live on her own, so i have taken over the house hold paying bills etc. The house value is 90/100k and outstanding mortgage is 50k. I earn 22k a year recent new job 4 months now.
My dad want 5k as final settlement and the remaining is my mums. My mum has told me she doesn't want to leave or sell the house so she has made the offer for me to purchase the house at cost 50k+5K dad wants. on the viso she lives their rent free with me and my wife.
I also only have 4k in savings which could be used to cover the solicitor fees etc. would i apply for a first time mortgage or remortgage? dont believe it will be remortgage as i have not had a mortgage. Also could i include the 45/35K in equity as deposit?
Just to set the scene. My parents recently broke up and dad has left house. My mum cant afford to run the property or live on her own, so i have taken over the house hold paying bills etc. The house value is 90/100k and outstanding mortgage is 50k. I earn 22k a year recent new job 4 months now.
My dad want 5k as final settlement and the remaining is my mums. My mum has told me she doesn't want to leave or sell the house so she has made the offer for me to purchase the house at cost 50k+5K dad wants. on the viso she lives their rent free with me and my wife.
I also only have 4k in savings which could be used to cover the solicitor fees etc. would i apply for a first time mortgage or remortgage? dont believe it will be remortgage as i have not had a mortgage. Also could i include the 45/35K in equity as deposit?
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Comments
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A 'concessionary purchase' with the "donor" continuing to remain resident?
It can be done, but you will have very few lender options and an independent broker should be your first port of call.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 -
what happens if she was to give me the property with no viso in place?0
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With no what in place?kevinb5555 wrote: »what happens if she was to give me the property with no viso in place?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 -
apologies for poor english. What happens if my mum was to just give me that part of the house would it still limit my lender options?0
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As it is a gift as i lent her a large amount of money many years ago with she failed to repay me so this is like her way of replaying me. Just i cant really being myself the charge her rent.0
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Where is she going to live?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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it will be with her sister who she lives with 3/4 days a week already.0
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A concessionary purchase where she ceases residence will mean you have more lender options. Suggestion to consult an independent broker for best lender options remains.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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Yeah why not - she lives with her sister 4 days a week now ay.
Dont see a problem with that.0 -
Obvious I need use morgage broker just one last question can u get a normal remortgage after having a consses mortgage?0
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