Moved

jo.anne

My son in the process of buying his first home and me and my husband (not his father) we have always talked about moving but never got around to it, has my son grew up in this house he is interested in his family home. The house is worth around £85000 and wondering if we would save money if we sold the house to my son for £5000 less than market value as he is happy with the property and then this gives us the push to do what I and my husband said, due to us being late in life (45 - 50) we would be looking for property around £125000 and aplying for a mortgage for 10 years. Fees seem to be around £1600 and wondering is it cheaper to sell this way?

lspell1

Your son could use the discount in the market value toward his deposit. This is known as a concessionary purchase. More info: https://ukmortgageadvisors.co.uk/blog/concessionary-purchase-mortgage/

Depending on what other deposit he was planning on putting down, it could result in a cheaper mortgage, by using the extra £5,000 toward his deposit.

If you sold to your son, you wouldn’t need an estate agent, so would save that way. Assume the fees relate to the Mortgage itself?