Consessionary mortgage help!

Mortgagehelp2

Hi

I need some mortgage help. My parents have said they are willing to sell their 300k house for 250k to me and my partner and I believe we would need a consessionary mortgage for this as they are basically gifting my equity.

They still have 100k mortgage to pay on their house. So does this mean in the end they will have 100k equity as the other 50k will have gone as gifted equity to me?

I'm getting so confused with it all. I've booked to go and see a mortgage advisor but want to try and understand it a little before I go.
Thanks!

Robtor

They sell for £250k, they have a £100k mortgage which will be paid off, so they'll have £150k cash essentially.

amnblog

Your parents will have, in their pocket, whatever you pay for the property, less what they currently owe.

Be aware that you will not usually need to put in cash on such a purchase provided you can afford a mortgage for the full selling price.

If you have a poor credit history, and need to use a specialist poor credit lender they will ask you for a minimum 5% cash deposit from your own funds.

If your Parents intend to continue to live in the property, that complicates matters further and considerably reduces the mortgage lenders that will help.