Concessionary purchase query

Lucywilliams96

Hi everyone,

My boyfriend and I have submitted a mortgage application to buy his nan’s house who passed away in November - the house has been left to my boyfriend and his three siblings so he will be getting a 25% share, some of which we are using as the deposit. 

The only lender we are able to use is TSB, as no other lenders are accepting 100% furlough pay (my boyfriend has been furloughed). We aren’t able to wait a while until he’s back at work as the other siblings want a quick sale! 

So... TSB are saying that it is classed as a concessionary purchase because we’re technically buying it from family, and therefore they are saying that he would have to use his entire share in the property as the deposit - which he doesn’t want to do as it’s a huge difference from the 15% minimum they initially required! From what I’ve been able to find out (on google haha), a concessionary purchase is when you buy a property below market value, however we aren’t buying the property at a reduced price, so surely they aren’t right? 

Can anyone offer any advice? Thanks in advance