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Buying house with inherited portion as deposit
PatriciaA
Posts: 1 Newbie
Hello- hope someone can help, as I've not been able to get a straight answer from a broker or probate people...
I've inherited part of a house along with other relatives, and will be buying the house from the estate, no problems there. My question is, can my portion form the deposit when applying for a mortgage? Really not getting anywhere with getting info from the company appointed to organising probate, and different mortgage brokers have given me different answers!
Wondered whether any of you might have been in a similar position?
Huge thanks
I've inherited part of a house along with other relatives, and will be buying the house from the estate, no problems there. My question is, can my portion form the deposit when applying for a mortgage? Really not getting anywhere with getting info from the company appointed to organising probate, and different mortgage brokers have given me different answers!
Wondered whether any of you might have been in a similar position?
Huge thanks
0
Comments
-
Yes.
Strange that a mortgage broker finds this difficult. Not all lenders will necessarily accept one but a good broker should know who will. So use one thats happy to proceed on that basis..0 -
Let's say the value of the property is £150,000.
You own (say) 20%.
You therefore need to borrow £120,000.
The question then is do you earn enough to support a mortgage of £120,000.
If so, you there seems no reason why you can't follow the normal process to seek a loan from the lender of your choice.
https://www.moneysavingexpert.com/mortgages/best-buys/0
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